Want to know the best tax tips to look out for in 2019? The experts at Macquarie Business Accountants have put together the top 10 for you.
Check them out below or download our infograph!
1. The instant asset write-off
Allows instant deductions for capital assets (up to $30,000 per item**) acquired prior to 30.06.19.
2. Super for employers
Ensure your super obligations are paid by 30.06.19 to get a deduction in 2019.
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.
Analyse your current year’s profit and make your distributions wisely – carefully allocating profits to the right beneficiaries can save you thousands.
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.
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?”.
(** for assets acquired after 02.04.19)