End of Year Strategies

By Peter Vickers | 17 May 2018 |

Brief notes from the talk by Peter Vickers from the May BBG Meeting Seminar

Before 30 June

Good house keeping
1. Write off bad debts (beware change of ownership rules)
2. Trash useless plant
3. Dump worthless inventory
4. Make minimum super pension payment

Follow the rules:
1. Pass resolutions distributing profits of trust
2. Pass resolutions declaring dividend
3. Lodge 2017 tax returns for SMSFs
4. Do not exceed the super contribution caps
5. Notify ATO of balances above $1 mil in super

Being smart:
1. PAY superannuation contributions
2. Buy up consumables but not stock
3. If you are a small business then prepay expenses
4. Defer income till next year
5. Sell “property” to crystallise losses to offset against capital gains
6. If your turnover is under $10mil then buy assets for less than $20k

Where June 30 Does Not Matter

1. Loans to directors and shareholders can be fixed before lodgement date of company tax return
2. Super guarantee must be paid by 28th July but not deductible till next year
3. Except for super, payment does not matter as you can accrue as a creditor
4. Last date for R & D applications is 30 April 2019

And then for Next Year
1. Review your structure
2. How much profit are you going to make?
3. Have you got a child turning 18 or one getting a job?
4. Are any beneficiaries getting means tested assistance?
5. Review due dates of lodgements and instalment payments
6. Review all thresholds: land tax, payroll tax, GST, FBT, single touch payroll, transfer balance cap of $1.6mil

Always remember Part IVA
1. You cannot get away with anything that gives you a tax advantage!


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