Traditionally at this time of year we begin interim work with our clients and review tax planning strategies.
Ideally, tax planning is not a one-off event. Today, more than ever, taxation is not just a statutory duty… it is a critical part of any wealth strategy. If you are in business, taxation should never simply be about what you have done in the past twelve months… consideration needs to be given to what you aiming to achieve in the future.
- Have you reviewed proposed superannuation contributions taking into account the government’s 2009/10 superannuation contribution rules? For persons under 50 maximum contribution of $25,000 per annum from employer contributions and salary sacrifice. Over 50 years of age, $50,000 per annum contribution. A penalty tax rate of 46.5% will be applied to any excess superannuation contributions.
- Have you reviewed research and development activities to maximise the company’s (claimant must be a company) claim for accelerated income tax deductions for research and development including the preparation of individual research and development plans?
- Have systems been implemented for scrapping obsolete stock and old unused plant and equipment?
Now is the time, prior to 30 June, to implement effective tax planning strategies for your business. Don’t wait until it’s tax-return time to meet with your accountant.
Article by Christie Lewis
Christie is Practice Manager at Alan Lewis Accountants . Besides accounting, her passion is for all things small business (and blogging, of course). You can contact Christie directly at christie@lewistaxation.com.au.
Christie has written 799 awesome articles for us at Alan Lewis Accountants – BLOG
Twitter: @christielewis
