Year End Tax Planning - Peter Vickers Business Group

21May

Year End Tax Planning - Peter Vickers Business Group

Tax Planning | 21 May 2015 |

There is some housekeeing that needs attention before the end of the year. You can only write off plant and equipment if it has been disposed of or scrapped. So do not keep a broken machine in a corner, throw it in the bin and claim any written down value. The same applies to bad debts. You actually need to write them off your books (computer system). However this still does not stop you ringing or suing for your money.

There are three ways to value stock and one of these takes into account worthless stock. However it is easier to throw it out or sell it at a discount.

You do not need to pay your creditors in order to get a tax deduction in this year. You just need to have “incurred” the expense by 30th June. The only exception is superannuation contributions. These must be paid. The Taxation Office has stated that they want to see the money actually received by the fund before the 30th June. You just need to remember internet payments are not instantaneous so plan to do them a few days in advance. If you do not need the tax deduction the due date remains 28th July.

If your super fund is in pension phase then the minimum pension must be paid by the 30th June. Again the same warning about the member actually receiving it in their bank account also applies. The pension rule is satisfied by only one payment being made annually.

If you run a trust then the decision on which beneficiaries get the income must also be made before 30th June. This makes the beneficiaries “presently entitled” at year end.

Recent

TALK TO US FOR THE RIGHT ADVICE

Categories

SERVICES

Join our newsletter subscription

SYDNEY

Suite 2/345 Pacific Highway,
Lindfield, NSW 2070

T: 61 2 9496 2300
services@pva.com.au

Peter Vickers Insurance Brokers

Suite 2/345 Pacific Highway
Lindfield NSW 2070
T: 1300 784 011
enquiries@pvib.com.au

WINDSOR

Suite 3, 31 Brabyn Street
Windsor, NSW 2756
T: 61 2 4577 4455
windsoroffice@pva.com.au

Follow us on Social Media @pvbglindfield

Chartered Accountants: Liability Limited by a Scheme under the Professional Standards Legislation - AFSL 229302 | Peter Vickers & Associates Pty Ltd ACN 003466813 | Peter Vickers Insurance Brokers Pty Ltd AFSL 229302 ACL 229302 ACN 074 294 081
Peter Vickers Insurance Brokers is part of the Steadfast broker network.

Our Mission

Talk With Us

Talk With Us

Talk With Us

Tax

Let's Talk

Insurance

Quick Quote

Superannuation & Investment

Let's Talk

Accounting

Let's Talk