Tax Planning

Last updated June 2011

Some tax planning issues that can be addressed prior to the end of the financial year include:

• Recognition of Incurred/Accrued Expenditure
• Write Off of Bad Debts (review debtors at year end, to determine recoverability)
• Prepayments (NB: Rules apply to restrict deductibility in some instances)
• Capital Asset Sales (review of potential to incur capital losses prior to year end, to offset capital gains derived during the financial year)
• Superannuation Contributions (refer earlier section)
• Salary Packaging (NB: Salary Sacrifice arrangements must be effected prior to revising employee/director remuneration)
• Trading Stock revaluation

If you require further clarification as to the tax implications of your activities for the year, we suggest that you contact our office.