Tax planning strategies to be implemented before 30 June 2017
Defer invoicing if you are a non-SBE taxpayer
Defer receipt of income if you are an SBE taxpayer
Write off bad debts
Pay Super Guarantee (SG) before 30 June to obtain a tax deduction in the 2016/2017 year even though not due to be paid until 28 July 2017
Make additional superannuation contributions up to your aged based limits before 30 June 2017
Prepay expenses for up to 12 months (SBE) or up to $1,000 (non-SBE)
Make tax deductible purchases such as accounting software and travel expenses before 30 June 2017 (SBE taxpayers must also physically pay these expenses)
Purchase and be using/have installed ready for use before 30 June 2017 business assets <$20,000 + GST (SBE taxpayers) or < $300 + GST (non-SBE taxpayers)
Pay staff bonuses
Pay directors’ fees or dividends
Adjust owners’ wages if necessary to obtain a more attractive tax outcome
Things to do before 30 June 2017
Ensure that your accounting file is up to date and reconciled
Determine your year to date (YTD) profit or loss
Determine how much tax you will need to pay
Implement tax planning strategies to reduce this tax
Prepare your 2017/2018 expense budget
Prepare your 2017/2018 sales budget
Prepare your 2017/2018 break even sales levels
Prepare your 2017/2018 schedule of fees/prices that will take effect from 1 July
Determine your level of wages, tax and superannuation that will take effect from 1 July
Prepare your annual trust income distribution minute if you operate your business via a trust
Prepare for stocktake
If you haven’t embraced cloud accounting technology now is a great time to switch over to MYOB Essentials, easy online accounting
If you haven’t applied for an AUSKEY, apply now as it will make it easier for you to lodge the various year end reports with the ATO and you will also get additional time to lodge and pay your BAS
Things to do before 31 July 2017
Prepare payment summaries and provide to employees by 14 July 2017
Prepare ATO payment summary report and submit to the ATO by 14 August 2017
Pay Super Guarantee (SG) for the quarter ended 30 June 2016 by 28 July 2017
Prepare ATO taxable payments reports and submit to the ATO by 28 August 2017
Ensure your accounting file has been updated for new pricing to take effect from 1 July
Ensure your accounting file has been updated for new wage levels to take effect from first pay run of the year
Work on your goals and vision for the 2017/2018 year
Collate paperwork for your 2017 tax
Work on a system to file 2017/2018 paperwork & stick to it
Work on a monthly checklist system that will ensure that you can produce accurate monthly financial statements
Have a fun, profitable and rewarding year in business.
