With 30 June fast approaching, we thought it would be an opportune time to provide you with a Year-End Planning memorandum. This document details key dates, recent reforms and tax planning opportunities that may affect you and your business.
Read our year-end planning guide
Key Summary Points
- Ensure payments are received by employee’s super fund prior to 30 June 2025 to claim a tax deduction in the current financial year.
- Trustee resolutions need to be completed and signed to be able to distribute trust income for the 2025 financial year to beneficiaries. Ensure Tax File Numbers have been received from beneficiaries.
- Small businesses should consider buying plant and equipment up to $20,000 per asset to utilise the Instant Asset Write Off.
- Make division 7A minimum yearly repayments, if not already done.
- Review trade debtors and write off bad debts.
- Consider repairs before the year-end.
- Consider pre-paying expenses. A tax deduction is generally allowed where the payment is made before 30 June for services to be rendered within a 12-month period.
- Consider maximising the superannuation concessional cap and carried forward rules.
Please do not hesitate to contact our office if there is any further information we can provide for your business, or if you would like a review of your individual or superannuation situation prior to year-end.
