Checklist For Minimisation Of Your Tax
- FBT – insure your FBT return has been lodged and your employee contribution paid to your Company for the 2022 FBT Year
- Business owners who have borrowed funds from their Company must ensure the correct principal and interest amounts are repaid before the 30 June 2022
- Make all payments for business expenses before 30/06/2022
https://www.ato.gov.au/general/other-languages/in-detail/information-in-other-languages/deductions-for-small-business/ - Write-off any Bad Debts
- Payment summaries to employee’s have to be issued by 28 July 2022
- If applicable prepare a Stocktake and make sure your Creditors and Debtors are correct
- The small business instant asset write-off threshold is $150,000.00 until the 31 December 2022
https://www.ato.gov.au/Business/Depreciation-and-capital-expenses-and-allowances/Simpler-depreciation-for-small-business/Instant-asset-write-off/ - The small business Company eligible lower base rate 27.5%
- To claim the deduction for the concessional super contribution cap of $25,000.00 for the 2022 Financial Year. Your fund must receive your funds by the 30 June 2022
https://www.ato.gov.au/Individuals/Super/In-detail/Growing-your-super/Super-contributions—too-much-can-mean-extra-tax/?page=2
https://www.ato.gov.au/Individuals/Super/In-detail/Growing-your-super/Claiming-deductions-for-personal-super-contributions/ - Self Managed Super Funds (SMSF) – Check with us to ensure that you have taken your minimum pension. Contributions must be in your SMSF bank account prior to close of business 30 June 2022 Documented evidence for all income and expenses
- Ensure all employee super is paid up-to-date by the 30 June 2022
https://www.ato.gov.au/Business/Super-for-employers/Paying-super-contributions/Missed-and-late-payments/ - The super guarantee rate is 9.50% (the rate will increase to 10% as of the 1 July 2022)
https://www.ato.gov.au/rates/key-superannuation-rates-and-thresholds/?anchor=Superguaranteepercentage
- Australian bank account details are required when Tax refunds are expected BSB, Account Name, Account Number
- The tax-free threshold for 2022 Financial Year is $18,200.00, if you taxable income is under the tax-free threshold, you may still have to lodge an Income Tax Return.
- Ensure that you have kept an accurate log book for;
Motor vehicles https://www.ato.gov.au/individuals/income-and-deductions/deductions-you-can-claim/vehicle-and-travel-expenses/car-expenses/
Home office use https://www.ato.gov.au/individuals/income-and-deductions/deductions-you-can-claim/home-office-expenses/
*you only need to do a log book once every 5 years as long as your habits remain consistent each year - Receipts for tax deductions- uniform, tools, education, fees, travel expenses, donations and investment expenses
https://www.ato.gov.au/individuals/income-and-deductions/deductions-you-can-claim/ - Salary and wage earners will generally be entitled to an immediate deduction if certain income-producing assets costing $300.00 or less are purchased.
https://www.ato.gov.au/forms/guide-to-depreciating-assets-2021/?page - Income protection & other tax deductions (excluding death and total/permanent disability) is 100% deductible
https://www.ato.gov.au/Individuals/Tax-return/2021/Supplementary-tax-return/Deduction-questions-D11-D15/D15-Other-deductions—not-claimable-at-items-D1-to-D14-or-elsewhere-on-your-tax-return-2021/
- Arrange for a Property Depreciation Report this will maximise the amount of depreciation and building write-off deductions on your rental property
https://www.ato.gov.au/General/Property/Residential-rental-properties/Rental-expenses-you-claim-over-several-years/ - Summarise your property expenses e.g. rates, body corp fees, interest on loan, repairs and maintenance, travel, water rates, insurance, and organise from your real estate agent a income & expenditure tax statement for 2022
https://www.ato.gov.au/General/Property/Residential-rental-properties/Rental-expenses-you-can-claim-now/ - Rental property owners will generally be entitled to an immediate deduction for certain assets costing $300.00 or less.
- Trust Resolutions must be prepared and signed for all Discretionary (family) Trust (let us know immediately if you have not signed your resolution)