- The Instant Asset Write-off: Allows instant deductions for capital assets (up to $20,000 per item) acquired prior to 30.06.18.
- Super for Employers: Ensure your super obligations are paid by 30.06.18 to get a deduction in 2018.
- 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).
- Prepaying Expenses: Certain payments made in advance can give instant tax deductions, for example, annual premiums and memberships.
- Trusts: Analyse your current year’s profit and make your distributions wisely – carefully allocating profits to the right beneficiaries can save you thousands.
- 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.
- Capital Gains & Losses: If you’ve made gains, consider realising some losses to help offset those gains
- 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
- Be sceptical: If you hear about a tax saving scheme that sounds too good to be true, chances are it is.
- 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.