The end of financial year (EOFY) will be here before we know it. If you've been putting off tax planning, now is the time to act.
Generally there are 2 ways to minimise tax liability at this time:
Some significant concessions will end at 30 June 2017, most notably:
Small business accelerated depreciation – small businesses buying plant and equipment items with a value less than $20,000 can still claim a full write-off of the purchase in the 2016-17 financial year. This concession is on a per asset basis, so several assets each costing less than $20,000 would qualify. After 1 July, the threshold will revert to $1000. Some assets are excluded – for more details check with Lionel or Tony.
Tax planning strategies for individuals include the following:
Tax Planning for primary producers include:
If your operating entity structure is a trust, then it is essential that you adopt a trust distribution resolution before 30 June 2017. Tax planning for trusts should be completed as soon as possible to ensure the resolution can be documented prior to 30 June.
The above tax planning strategies must take into consideration your individual circumstances as many technical conditions can apply. Please contact us for advice.
An accountant is reading nursery rhymes to her young child. When she is finished, she answers her son's question: "Well son. Little Bo Peep's lost her sheep, might not be tax deductible - but I like your thinking." *
*This is general advice - Whilst we believe the information to be true to the best of our knowledge, we accept no liability regarding the funniness of the joke, accuracy of this information or any loss incurred by any person or company who relies upon the information in this joke."
If you have any questions, comments, suggestions, please don't hesitate to contact us at any time. We look forward to hearing from you.
Kind Regards
The Team
Walsh Accounting
www.walshaccounting.com.au
Office Location
68 Ash Street, Barcaldine QLD 4725
Postal Address
PO Box 104, Barcaldine, QLD, 4725
Phone: 07 4651 1341
Email: admin@walshaccounting.com.au
ABN:
59 330 650 357
Clubs and Associations
Grant Applications