Tax Planning Checklist Before the End of Financial Year

8/6/2018

With the end of financial year approaching, we remind and assist all taxpayers to implement adequate tax planning strategies by providing the following checklist.

For Business Owners:

Bad debt recognition
Conduct a stocktake to maintain closing stock accuracy
Accounts payable recognition
Access to instant asset write off to SME (less than $10m turnover) for assets less than $20,000
Making additional employer super contribution ($25,000 cap)

For Property Investors:

Depreciation reports prepared by quantity surveyors strongly recommended

For Individual Taxpayers

Additional voluntary super contribution ($25,000 cap)
Maintaining an accurate logbook for those who uses their own motor vehicles for work purposes

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4/7/2022 21:04:21

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26/8/2022 19:15:56

You will have gathered some necessary evidence over the course of the last year that is required to finish your taxes. These records include your balance sheet, which lists your assets, liabilities, and equity, as well as your income statement, which describes your revenue and costs. Payroll records, bank statements, asset schedules, and inventory records are examples of additional records. These records provide a glimpse of your yearly financial situation. It shouldn't be too difficult to compile these assertions if you've been maintaining regular, accurate records. If you haven't begun yet, don't worry; you still have until December 31 to get organized in preparation for the upcoming tax season.

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