As we are fast approaching the end of the financial year, WMR supporter, McGarry Partners, kindly wrote the following article about what eligible tax planning initiatives may be available to you or your business.
“There are a number of tax planning initiatives available to assist with managing or reducing tax. Some of these initiatives are set out below:
- Payment of work-related expenses including eligible self-education courses and materials, before 30 June 2018;
- Prepayment of margin loan interest or interest on other business related loans;
- Repairs to your rental property;
- In some cases, superannuation contributions can be tax deductible (subject to caps and limitations);
- Salary sacrifice arrangements including salary sacrificed superannuation contributions;
- Under the current legislation, for small business entities (turnover of less than $25 million), immediate deductions may be available for assets purchased for less than $20,000 and installed and ready for use by 30 June;
- Other assets acquired for more than $20,000 must be depreciated over time, however, depreciation is also tax deductible if the asset is installed and ready for use before 30 June;
- For employers, payment of superannuation guarantee amounts for employees before 30 June.
Another tax planning initiative is making donations to eligible deductible gift recipients.
To maximise the tax benefit of making a donation this financial year, it is important that the recipient has been endorsed as a deductible gift recipient, such as Wesley Medical Research.
Some of these strategies may take time to understand, plan and implement. To stay ahead of the 30 June deadline, make sure you contact your accountant or please feel free to contact the team at McGarry Partners, to find out how they can help you to get the most out of this financial year.”
While every effort has been made to provided valuable, useful information in this publication, this firm [McGarry Partners], Wesley Medical Research and any related suppliers or associated companies accept no responsibility or any form of liability from reliance upon or use of its contents. Any suggestions should be considered carefully within your own particular circumstances, as they are intended as general information only. Liability limited by a scheme approved under Professional Standards Legislation.