Key Actions Before 30 June

As the end of the financial year approaches, there is still time to review your position and consider whether any actions should be taken before 30 June.

While many tax planning opportunities require advance preparation, there are several strategies that can often still be implemented before year end.

Superannuation Contributions

If you are considering making additional superannuation contributions this financial year, ensure sufficient time is allowed for the funds to be received by the superannuation fund before 30 June.

Business Asset Purchases

Planning to purchase equipment, tools, computers or vehicles for your business?

Depending on your circumstances, bringing the purchase forward before year end may be worthwhile.

Trust Distributions

Trustees should review trust distributions before 30 June and ensure any required resolutions are completed prior to year end.

Employee Superannuation

Businesses intending to claim a deduction for employee superannuation contributions this financial year should ensure the contributions are received by the superannuation fund before 30 June.

Bad Debts

Review outstanding debtor balances and consider whether any amounts are unlikely to be recovered.

Where appropriate, bad debts should be written off before 30 June.

Trading Stock

Businesses holding stock should identify any damaged, obsolete or slow-moving items and consider whether year-end adjustments are required.

Prepaid Expenses

Depending on your circumstances, bringing forward deductible expenditure before 30 June may provide a tax benefit.

Need Assistance?

Every situation is different.

If you are considering making superannuation contributions, purchasing business assets, implementing trust distributions or undertaking any other year-end planning, please contact our office before 30 June to discuss your circumstances.