Action prior to Midnight Income Delay receiving income until July 2020 given individuals are assessed on a cash basis. Defer crystallising foreign exchange gains until July 2020. Deductions Individual taxpayers could consider pre-paying deductible expenses (e.g. investment property mortgage interest, insurance, subscriptions) for up to twelve months. Consider bringing forward purchases of employment related depreciable […]
Actions Prior to Midnight Trustees must ensure that income distribution resolutions are made and documented, including any separate streaming of franked dividends and capital gains. Ensure any shareholder loan repayments required under loan agreements are made. Reviewing your debtors and writing off any unrecoverable debts. Review asset register and stock and consider: scrapping obsolete or […]
Salary Sacrifice Significant tax savings can be achieved via salary sacrificing additional superannuation contributions or by including fringe benefits within your salary package. Importantly, salary sacrificing arrangements must be put in place priorto the period of service to be effective from a taxation point of view. With the availability of “transition to retirement pensions” (also known […]
