Tax Planning implementation time

Leading to the end of another financial year on 30th June 2018, we have seen some interesting proposals in the recent budget. However, there are matters that require attention for implementation to ensure the tax planning discussions we have been having with our clients over this financial year and some recommendations are completed in time.

We have given below some key strategies and simple tasks for your attention and convenience:

1. Documentations: For personal tax deductions that related to your tax affairs, please retain copies of all receipts for current financial year to substantiate all deductions.

2. Businesses with under $10M turnover during 2017/18, please note that current laws allow you to potentially claim most depreciating assets costing less than $20,000 as an immediate write off till 30th June 2018.

3. Self-funded Retireeincluding those under Transition to Retirement Income Streams, please ensure you have taken out minimum pension from your superfunds for 2017/18 year by 30th June 2018.

4. Superannuation Contributions: To be eligible for counting towards your 2017/18 threshold, these contributions must be in your superfund account by 30th June 2018.

5. One Touch Payroll: Another reminder that all employers with 20 or more staff including causal staff as on 01st April 2018, the new system applies to you from 01st July 2018.

For any of the above and other opportunities ref tax planning and implementation before 30th June 2018, please contact your RCB Advisors team member.