1. The Instant Asset Write-off: Allows instant deductions for capital assets (up to $20,000 per item) acquired prior to 30.06.18.
  2. Super for Employers: Ensure your super obligations are paid by 30.06.18 to get a deduction in 2018.
  3. Super for Employees: All employees can claim a tax deduction for any additional superannuation contributions they make, over the standard SGC (up to specified limits).
  4. Prepaying Expenses: Certain payments made in advance can give instant tax deductions, for example, annual premiums and memberships.
  5. Trusts: Analyse your current year’s profit and make your distributions wisely – carefully allocating profits to the right beneficiaries can save you thousands.
  6. Write-offs: Check your Plant & Equipment lists from the prior year and identify all items that have been scrapped or have no value. Also review your debtors, any bad debts should be identified and removed.
  7. Capital Gains & Losses: If you’ve made gains, consider realising some losses to help offset those gains
  8. Investment Properties: If you own a rental property, do you have a tax depreciation report? These Reports can often give you more deductions for the property
  9. Be sceptical: If you hear about a tax saving scheme that sounds too good to be true, chances are it is.
  10. Priorities: Don’t needlessly spend money chasing tax deductions. When spending your hard earned dollars, tax should always be a secondary consideration. Always ask yourself “Do I really need this?”.

At MBA, we use the above tips as the basis for tax planning work and can provide you with a concise and easy to understand Report showing you the potential tax savings this year.

If saving tax is a priority for you, please contact us.