2016 Tax Planning for Businesses

Posted on June 2nd, 2016 by WLF

The end of the 2015/16 financial year is almost upon us, can you answer these 20 questions to save you tax?!

1. Are you aware of what impact the federal budget may have on you or your business?

2. Have you maximised your concessional superannuation contributions within the caps?

3. Can we increase your asset depreciation deductions?

4. Have you purchased necessary tools of trade / FBT exempt items?

5. Can you pay your employee super guarantee payments before 30 June?

6. Can you bring forward any expenses?

7. Do you need to undertake any repairs & maintenance?

8. Have you completed motor vehicle log books?

9. Can you defer investment income and capital gains?

10. Do you have a Property Depreciation Report for your investment property?

11. Have you reviewed your debtors and written off any bad debts?

12. Can you defer any income?

13. Are any actions required to resolved private company (Division 7A) loans before 30 June?

14. Have you quantified and valued your stock on hand / work in progress?

15. Can you make any small business concession prepayments?

16. Do you have the necessary information to prepare Trustee Resolutions by 30 June?

17. Do you know where your business cash has gone in 2016? And what your cashflow requirements are for 2017?

18. Is your business structure still appropriate and optimal?

19. Have you set your goals / KPIs for 2017 and beyond?

20. Do you have any plans for 2017 that we need to talk about now for effective planning and future tax minimisation?



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2016 Tax Planning for Businesses

time to read: about 6 min