The instant asset write-off

Allows instant deductions for capital assets (up to $150,00 per item**) acquired prior to 30.06.2020. Pool balances under $150,000 at 30 June 2019 and that remain under at 30 June 2020 can also be written off for eligible entities and deducted. There is also a 50% immediate deduction available for eligible entities for assets over $150,000.

Super for employers

Ensure your super obligations are paid by 30.06.2020 to get a deduction in 2020. Care needs to be taken to ensure that payments are received by super funds in time.

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.

Single Touch Payroll

Extension to 1 July 2021 (previously 1 July 2020) for micro & closely held payees to be STP compliant due to COVID-19.

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 written off.

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 identify more deductions for the property.

COVID-19 measures

Due to current extraordinary events and related changes and measures that have been introduced, it is a good time to contact us so we can help you navigate what options are available to your specific circumstances.

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?”.

 

(** for assets acquired after 12.03.2020)