Tax Planning 2021
As year-end is rapidly approaching, we are encouraging you to contact our office to arrange a meeting to discuss tax planning matters.
Please find below a list of some categories of tax planning issues that you may wish to consider, in the lead up to year-end, for your own business or individual tax position.
Some key issues which may be relevant prior to the end of the financial year include:
- Instant asset write off for eligible assets purchased and installed ready for use before 30 June.
- Small business tax offset for individuals receiving business income.
- CGT small business concessions if looking to sell business assets etc.
- Trustee resolutions to determine distribution of trust income to beneficiaries pre 30 June.
- The Division 7A consequences of company loans to directors and shareholders and unpaid trust distributions, including interest and minimum repayment requirements.
- Declaration of Director wages via Single Touch Payroll.
- Payment of Director superannuation.
- Single Touch Payroll compliance.
- Salary sacrifice arrangements.
- Reviewing potential for personal superannuation contribution deductions.
- Eligibility for access to unused 2019 concessional superannuation cap carried forward for use in 2020.
- Capital gains tax planning.
- Work-related deductions – what you can and can’t claim.
- Limiting deductions for second-hand depreciating assets.
- Foreign resident CGT withholding rate.
- Additional superannuation contributions on downsizing a main residence.
- First Home Super Saver (FHSS) Scheme.
If you would like to discuss the above tax planning issues with us or have a better understanding of their potential impact on you and your business, please do not hesitate to contact our office on (07) 5561 8800.