Business Tax Planning Tips #2

Posted on Jun 6, 2012 | 0 comments

Here’s the second in our series of Business Tax Planning Tips.

Remember – act now and don’t wait until it’s too late and be prepared to substantiate your claim.

6. Repairs & Maintenance

Make payments for repairs and maintenance (business, rental property, employment) PRIOR to 30 June 2012.

7. Motor Vehicle Log Book

Ensure that you have kept an accurate and complete Motor Vehicle Log Book for at least a 12 week period. The start date for the 12 week period must be on or before 30 June 2012. You should make a record of your odometer reading as at 30 June 2012.

8. Defer Investment Income & Capital Gains

If possible, arrange for the receipt of Investment Income (e.g. interest on Term Deposits) and Contract Date for the sale of Capital Gains assets to occur AFTER 30 June 2012. The Contract Date is the key date for working out when a sale has occurred, not the Settlement Date!

9. Investment Property Depreciation

If you own a rental property and haven’t already done so, arrange for the preparation of a “Depreciator” Report to allow you to claim the maximum amount of depreciation and building write-off deductions on your rental property.

10. Private Company Loans

Business owners who have borrowed funds from their company must ensure that the appropriate principal and interest repayments are made by 30 June 2012. Otherwise the ATO may use its discretion and treat it as an unfranked dividend.

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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