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Year-end Tax Planning – Small Business

  A checklist of a few items to examine further, before year-end.

       

The usual year-end items apply and in particular the deductibility of superannuation for any employee is dependent upon the payment being made, rather than the liability being incurred.  This translates to making the payment before year-end to claim the tax deduction this year.

Despite all your events, you may not be entitled to a deduction because the superannuation fund fails to recognise the contribution and clearing houses do not simplify the timing problem.  The more time you give the super fund to process and allocate the better.

The other item following the recent Federal Budget is the $20,000 capital expenditure write off available to small business.  Some car dealers are indicating that vehicles are eligible, but in reality they are not.  How many new cars cost less than $20,000 (excluding GST)?  

Do you believe that a vehicle could be invoiced as the back half $15,000 and the front half $15,000 to have 2 items under $20,000?  Clearly that won’t qualify.

 

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Tax Specialists

We specialize in providing proactive tax planning strategies for our clients. High earning individuals and business clients can benefit by speaking to one of our tax advisors.

Bookkeeping

Good, fundamental book keeping will ensure that your accounts are up to date and give you proper control of your business. With over 85% of business failure attributed to poor financial control, skilled and professional bookkeeping will give you results that speak for themselves.

Superannuation Planning

Taking the time to plan for your future makes good financial sense. Ensure you have the money to live the lifestyle you'd like during your retirement.

Investment Properties

Preparation of negative gearing tax schedules for all investment properties. Including Depreciation Calculations and Special Building Write offs.