Checklists For Minimisation Of Your Tax
- Fringe Benefit Tax (FBT) – insure your FBT return has been lodged and your employee contribution paid to your Company before 30 June each Financial Year.
- Business owners who have borrowed funds from their Company must ensure the correct principal and interest amounts are repaid before 30 June each Financial Year.
https://www.ato.gov.au/general/other-languages/in-detail/information-in-other-languages/deductions-for-small-business/ - Write-off any Bad Debts
- Wages get finalised with the Australian Taxation Office (ATO) primarily through the Single Touch Payroll (STP) system, where employers report pay events each payday and submit an annual finalisation declaration
- If applicable, prepare a Stocktake and make sure your Creditors and Debtors are correct
- Eligible small businesses with an aggregated turnover under $10 million can immediately deduct the full cost of multiple business assets priced under $20,000. To qualify, the asset must be first used or installed ready for use before 30 June each Financial Year..
https://www.ato.gov.au/Business/Depreciation-and-capital-expenses-and-allowances/Simpler-depreciation-for-small-business/Instant-asset-write-off/ - A small business company is eligible for the lower base rate of 25% instead of the standard 30% rate if it qualifies as a base rate entity. https://www.ato.gov.au/tax-rates-and-codes/company-tax-rate-changes#ato-Baserateentitycompanytaxrate
- Ensure to maximise your claim for the concessional super contribution cap each financial year (FY). Your fund must receive your funds by the 30 June for the year prior.
- Ensure all employee super is paid up-to-date by 30 June each financial year.
- The super guarantee – with the introduction of Payday Super, employers must pay super guarantee for each payday.
https://www.ato.gov.au/rates/key-superannuation-rates-and-thresholds/?anchor=Superguaranteepercentage - Self-Managed Super Funds (SMSFs) – To help ensure your SMSF remains compliant, please keep the following in mind:
- Contact us to confirm that you have met your minimum pension payment requirements for the financial year (where applicable).
- All superannuation contributions must be received into your SMSF bank account by the close of business on 30 June to be recognised for that financial year.
- Please retain and provide supporting documentation for all income, expenses, investments and transactions relating to your SMSF.
- Australian bank account details are required when Tax refunds are expected BSB, Account Name, Account Number
- The tax-free threshold is the amount of income you can earn before you pay tax. Claiming the tax-free threshold reduces the amount of tax withheld from your income.
- Ensure that you have kept an accurate log book for:
- Motor vehicles Individuals-and-families/mytax-instructions/deductions/work-related-expenses
- Home office use 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
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.
Forms-and-instructions/depreciating-assets-guide-2026 - Income protection & other tax deductions (excluding death and total/permanent disability) is 100% deductible
Individuals-and-families/income-deductions-offsets-and-records/deductions-you-can-claim
- Arrange for a Property Depreciation Report this will maximise the amount of depreciation and building write-off deductions on your rental property.
Individuals-and-families/investments-and-assets/depreciating-assets-in-rental-properties - 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
Individuals-and-families/investments-and-assets/property-and-land/residential-rental-properties/rental-expenses
- Trust Resolutions must be prepared and signed for all Discretionary (family) Trust (let us know immediately if you have not signed your resolution)
This information is for trustees who wish to make beneficiaries of a trust presently entitled to trust income for an income year by way of making resolutions. This includes where doing so, they also want to make beneficiaries specifically entitled to franked dividends and capital gains included in that income. It is also for trustees who wish to make beneficiaries specifically entitled to capital gains forming part of the trust capital.
You need to ensure resolutions meet the requirements explained in the link below. If a resolution is not effective, other beneficiaries or you (as trustee) may instead be assessed on the relevant share of the trust’s net (taxable) income. Where a trustee is assessed, that may be at the top rate of tax.
Businesses-and-organisations/trusts/trust-income-losses-and-capital-gains