Tax planning… is it too late?

The end of financial year (30 June 2015) is just around the corner, which leaves you with less than two weeks to get your tax planning sorted. If you haven’t already considered tax planning, NOW is the time!

We understand that life can sometimes get in the way, but if you, like many other Australians, have left your tax planning to the eleventh hour, we’re sure you’ll benefit from these last minute tax planning tips to help you legally minimise your tax for the 2015 financial year.

  1. Establish a Self Managed Super Fund (SMSF) and find out how to make it your family’s wealth VAULT and legally pay NIL tax at retirement.

  2. Make the most of big tax refunds for prepaid interest for a capital protected share portfolio (with NO cash required by 30 June).

  3. Debt Optimisation – Pay off your home loan sooner, minimise non-deductible interest and maximise your tax deductions for investments.

  4. Trust Distribution Resolutions are needed BEFORE 30 June 2015 – get this done and avoid paying up to 49% tax on trust profits.

  5. General tax planning strategies – Take advantage of these key items that mean more $ in your pocket:

  • Contribute money into super

  • Tax advantage of the Governments proposed $20,000 immediate tax deduction for plant and equipment (if you’re a small business)

  • Ensure all employees’ superannuation is paid before 30 June 2015

  • Where practical, defer income

  • Bring forward expenses from the 2016 financial year into the 2015 financial year

  • Write off any bad debts

  • Undertake a stocktake and write off any obsolete or damaged stock

  • If practical, defer investment income and capital gains.

If you need help with any of the above, we’re here to point you in the right direction. Give us a call today before it’s too late.


Kim Jay CA – Director