In this edition:
With 30 June fast approaching, now is the time to start planing for the 2014 tax year
Most businesses, including small businesses, are taxed on an accruals basis – meaning income is taxable when it is invoiced. Accordingly, where invoices can be delayed until July, they will not be taxed until the 2015 year.
General Year End Tax Planning Strategies
Business Income and Expenses
Where possible, consideration should be given to deferring income until after 30 June 2014 (especially if you expect income in the 2014/15 year to be lower than in 2013/14). Businesses should also ensure they comply with the requirements to claim certain deductions in the 2013/14 year, including:
Personal Income and Tax Deductions
Superannuation
The concessional deductible contributions cap for the 2013/2014 year is $25,000 per person, and $35,000 per person for those aged on or over 59 on 30 June 2013. As noted above, superannuation contributions need to be received by the relevant superannuation fund before 30 June 2014 to be counted in this year, so should be made in plenty of time to ensure they clear before this date.
The Government has also announced that the Australian Taxation Offices' new powers to penalise non-compliance by trustees of Self Managed Superannuation Funds (SMSFs) will come into effect from 1 July 2014.
Accordingly, anyone who is concerned about any aspect of their SMSF, or has any questions in relation to any transactions undertaken, should take action as soon as possible, to ensure any potential issues can be rectified before 30 June.
Should you have any questions about your 2013/14 tax, or any of the points raised above, you should contact your GCC advisor directly on 02 9899 3044.
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