5 Business Tax Planning Tips

Posted on Jun 4, 2012 | 0 comments

Here’s the first 5 tips in our series of Business Tax Planning Tips. Remember – act now and don’t wait until it’s too late!

Be prepared to substantiate your claim.

1. Concessional Superannuation Caps

The concessional superannuation caps for 2012 are $25,000 for persons under age 50, and $50,000 for persons aged 50 and over. Do not go over these limits or you will pay more tax!

Note that employer super guarantee contributions are included in these caps. Where a contribution is made that exceeds these limits, the excess is taxed to the fund member’s account at an effective rate of 46.5%.

In order to claim a tax deduction in the 2012 financial year, the contribution must be received by the super fund by 30 June 2012.

2. Tools of Trade / FBT Exempt Items

The purchase of Tools of Trade and other FBT exempt items for business owners and employees can be an effective way to acquire equipment with a tax benefit. Items that can be packaged include Handheld/Portable Tools of Trade, Notebook Computers, Personal Electronic Organisers, Mobile Phones, Digital Cameras, Briefcases, Protective Clothing, and Computer Software.

You should buy these items before 30 June 2012.

3. Employee Superannuation Payments

To claim a tax deduction in the 2012 financial year, you need to ensure that your employee superannuation payments have CLEARED your business bank account by 30 June 2012.

4. Defer Income

Where possible, defer issuing further invoices and/or receive cash until after 30 June 2012.

5. Bring Forward Expenses

Purchase consumable items BEFORE 30 June 2012. These include stationery, printing, office and computer supplies.

Talk to us TODAY before the 30 June 2012 deadline for assistance to reduce your tax!

Phone 07 5585 8555 for more information.


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