Tax Planning Recommendations

‘Tax time’ is really busy time for taxpayers as well as registered agents.

But if you have forward thinking and pre-planning, you could have yourself feeling confident, organised and ready to tackle the tax man and ready to any delay.

There is an old notion aiming to put a positive spin on tax liabilities that the more tax you pay means the more money you are making. 

We help to do your lodgement as soon as possible and try to get maximum refund.

You can contact us for any information.

  • Defer income: Please Consider delaying or bringing forward invoicing, excluding unearned assessable income, whether ‘cash basis’ accounting may be available to you. Bad debts: Write off any no collectable receivables before year-end.
  • Prepayments: Please consider any payments which occurred during the year.
  • Obsolete stock: analysis inventory for any non-sellable items that should be scrapped, or slow-moving items that could be written down to correct value at the end of the year.
  • Instant asset write-off: The higher threshold of $30,000 assets would be instant written off.
  • Obsolete fixed assets: analysis plant, equipment, furniture and other fixed assets (per your depreciation schedule) for any items no longer operative to be scrapped.
  • Capital gains tax: Consider realising capital losses to offset capital gains made during the year
  • Employee superannuation: please consider employees fund at the end of the year.
  • Personal superannuation: Apply 10% of the maximum earnings implementing so be careful about limits.

For more information on online tax return 2020, Tax Return 2020, myGov 2020, myTax 2020 or any other tax related matter, please call our professional accountant on 1300 768 284 or you can email us at enquiry@taxrefundonspot.com.au

Tax Policy and Changes

Tax policies which on 1 July 2019

The proposed tax changes did not become law, as the Bills which were previously pass through to Parliament have since lapsed on 1 July 2019:

  • The changes that main residence capital gains tax exemption remove for Non- residents, including Australians living overseas who are foreign tax residents for tax puurposes.
  • The changes that main residence capital gains tax exemption remove for Non- residents, including Australians living overseas who are foreign tax residents for tax puurposes.
  • Superannuation Guarantee Amnesty, which was to provide employers with an amnesty during 24 May 2018 to 23 May 2019 .

Proposed superannuation tax changes re-introduced

The following self-managed superannuation fund tax measures were re-introduced into parliament.

  • Certain employees and workers with multiple employers to apply for an employer shortfall release certificate which stop their employer from having a superannuation guarantee shortfall.
  • This may allows the employee to negotiate with their employer to receive additional notes or non-cash wage.
  • Circumstances involving limited recourse borrowing arrangements.

For more information on online tax return 2020, Tax Return 2020, myGov 2020, myTax 2020 or any other tax related matter, please call our professional accountant on 1300 768 284 or you can email us at enquiry@taxrefundonspot.com.au

Tax Policy and Changes

Tax policies which on 1 July 2019

The proposed tax changes did not become law, as the Bills which were previously pass through to Parliament have since lapsed on 1 July 2019:

  • The changes that main residence capital gains tax exemption remove for Non- residents, including Australians living overseas who are foreign tax residents for tax purposes.
  • GST changes to include online hotel reservation of offshore suppliers who has GST turnover is $75,000 or more and not only Australian suppliers.
  • Superannuation Guarantee Amnesty, which was to provide employers with an amnesty during 24 May 2018 to 23 May 2019 .

Proposed superannuation tax changes re-introduced

The following self-managed superannuation fund tax measures were re-introduced into parliament.

 

  • Certain employees and workers with multiple employers to apply for an employer shortfall release certificate which stop their employer from having a superannuation guarantee shortfall.
  • This may allow the employee to negotiate with their employer to receive additional notes or non-cash wage.
  • Circumstances involving limited recourse borrowing arrangements.

For more information on online tax return 2020, Tax Return 2020, myGov 2020, myTax 2020 or any other tax related matter, please call our professional accountant on 1300 768 284 or you can email us at enquiry@taxrefundonspot.com.au