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INDIVIDUAL (NON BUSINESS) TAX PAYERS
There are two major avenues through which tax liability for 2010 year can be reduced. These are;
1 Deferring Income
- This means that delay the receipt of income until after the end of the financial year, i.e. receiving income only after 30-6-2010.
- This concept is based on the fact that most taxpayers are assessed on cash basis, which means income is taxed in the year in which it is actually received.
2 Accelerating Deductions
This involves bringing forward to the 2010 income year, future or proposed expenditure / payments for claimable expenses, even though the due date falls beyond 30-6-2010.
TAX PLANNING TIPS
DEFERRING INCOME
• Consider deferring the incomes from interest, dividends, rent, royalties or insurance proceeds etc.
• Work in Progress of professional practices is not taxable until at least a bill for that work is raised. Hence consider delaying the issue of bills for Work in Progress.
• Deviation of income in general might be deferred where possible.
• In line with Arthur Murray case, taxpayers may be able to defer recognition of income received before year end for services not yet performed.
• Defer the disposal of Capital Asset to a subsequent year.
• Defer the disposal of Capital Asset to ensure the asset has been held for the long term (greater than 12 months), to take the benefit of 50% Discount scheme.
ACCELERATING DEDUCTIONS
• Ensure that Superannuation contributions are paid by year end.
• The outlay for deductible expenses may be brought forward.
• Maximise prepayments subject to existing transitional rules.
• Consider realising foreign exchange losses and deferring the realisation of gains.
• Ensure that bonus obligations are incurred before year end.
Outdoor Workers
For people who work in an outdoor environment most of the time, they can claim items such as sunscreen, hats and sunglasses. Please keep receipts for these items if you wish to claim them as a deduction.
Note: If you are unsure whether your occupation falls within this category, please contact our office.
(SBE) BUSINESS TAX PAYERS
The followings are the distinctive features available to an SBE taxpayer;
• An SBE taxpayer can choose to be taxed on their income on a receipts basis, and can claim deductions on a ‘paid’ basis where appropriate.
• An SBE taxpayer may take advantage of the SBE depreciation provisions, allowing an immediate write-off in the year of purchase for assets costing less than $1,000.
• All other business assets may be depreciated as part of an SBE pooling system.
• Where the difference between opening stock and closing stock does not exceed $5,000, it does not have to be accounted for, although tax payer can choose to do so.
TAX PLANNING TIPS
There are two major avenues of tax planning for SBE tax payers, these are;
i. Accelerating deductions, and
ii. Prepayments.
Accelarating Expenditure for SBE Taxpayers
1. Depreciable assets costing less than $1,000
Consider purchasing these items by 30 June 2010, as they are written off in the year of purchase.
2. Depreciable assets costing more than $1,000
In the first year of their purchase, these assets are depreciated at half of the full rate of depreciation. Therefore, consider purchasing these items by 30 June 2010.
3. Payment of Outstanding Bills
Consider paying bills already received, by 30 June 2010, to bring deduction into the 2010 income year.
4. Consumables (e.g. Office Supplies, Stationery and Spare Parts)
Consider making a purchase of consumable items, to be consumed with in 3 months, by 30 June 2010.
5. Superannuation Contributions
Consider making actual payment of Superannuation Contribution by 30 June 2010. Superannuation contributions are only deductible in the 2010 year to the extent they are actually paid in the 2010 income year.
6. Client Gifts
If it is a common business practice to offer gifts to clients, suppliers etc, consider purchasing gifts by 30 June 2010.
Prepayments for SBE Taxpayers
A SBE taxpayer can only claim a deduction for prepaid expenditure where either of the following conditions are met:
a. The 12 month prepayment rule is satisfied.
- the prepaid expenditure has an eligible service period not exceeding 12 months.
- the eligible service period ends in the income year after the one in which the expenditure was incurred.
b. The expenditure qualifies as excluded expenditure.
- It is less than $ 1,000.
- It is required to be incurred by law.
- It is incurred under a contract of service.
TAX PLANNING TIPS
Consider making the following payments by 30 June 2010.
7. Lease Payments. (e.g. non-luxury cars and office equipment).
8. Car Registration (deductible annual car registration fees)
9. Insurance (deductible insurance premiums).
10. Interest. Consider organising with financier to prepay interest or to be charged interest in advance.
11. Travelling CoSBE (e.g. airfares, accommodation and other coSBE) for business trip to be undertaken after 30 June 2010.
12. Seminars and Conference Training Fees for those taking place after 30 June 2010.
13. Subscriptions (deductible annual)
NON SBE BUSINESS TAX PAYERS
There are 2 major avenues for non-SBE business taxpayers to reduce tax liability for the 2010 year. These are:
a. Accelerating Expenditure
This involves bringing forward to the 2010 income year, future or proposed expenditure (e.g. repairs and depreciable items costing less than $100).
b. Accrued Expenditure
This involves ensuring that so much of a deductible expense that has been incurred but not yet paid for as at 30-6-2010, is brought to account as an allowable deduction in the 2010 income year (e.g. salary and wages, interest and rent etc.)
TAX PLANNING TIPS
1. Maximising Depreciation Deductions
• Consider purchasing depreciable assets costing $100 or less by 30 June 2010, as 100% of these items are written off in the year of purchase.
• Consider purchasing assets less than $1,000 by 30 June 2010. These assets are allocated to low value pool, which are depreciated @ 18.75% in their first year (irrespective of the date of purchase).
• Consider selling or scrapping an asset by 30 June 2010, where the asset’s sale proceeds (if any) is less than its adjustable value, so that the loss can be claimed in the 2010 income year.
2. Consumables (e.g. office supplies, stationery and spare parts)
Consider making a purchase of consumable items (to be consumed within 3 months) by 30 June 2010.
Please Note : Where items are purchased beyond the immediate requirements of the
business, the ATO may require deductions to be made on a usage basis. Immediate usage
would generally be within 3 months.
3. Superannuation Contributions
A tax deduction can be claimed for superannuation contributions made to a complying fund,
for the sole trader himself or for any employee, up to certain limits.
Please Note : Superannuation contributions are Only deductible in the 2010 income year to
the extent they are actually paid to the fund by 30-6-2010, even though they may not be
required to be paid until 28 July 2010 for superannuation guarantee purposes.
4. Client Gifts
If it is common practice within a business to offer gifts to clients, suppliers, etc. (e.g. bottles
of wine), consider purchasing gifts by 30 June 2010.
5. Repairs to business assets
Consider incurring any planned repairs by 30 June 2010. |
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