Posted at 04:00h in Business, Tax by Simmons Livingstone

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.

Tax Planning

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.

FOR BUSINESSES:

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.

FOR INDIVIDUALS:

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.