There are many planning issues and opportunities to explore and action between now and 30th June 2018.
As in recent years several tax planning actions must be addressed before 30th June 2018.
Failure to attend to these matters may lead to ineffective distributions and tax being assessed at the top marginal rate of 47% (including Medicare Levy).
SO HERE’S WHAT YOU NEED TO DO
Covers all the things that SHOULD be undertaken before 30th June 2018
- Understand net taxable positions and discuss how Trust income will be effectively distributed;
- Document trustee resolutions (detailing distribution of trust income to beneficiaries) before 30th June 2018;
- Calculate Division 7A loan repayments including interest costs and discuss repayment strategies for implementation.
- Consider Federal & State budget announcements (May 2018) to understand and apply changes;
- Review other tax planning opportunities and legislative changes recorded during 2017/18 that may apply to your circumstances (eg $20k immediate asset write off for SBE’s).
If you have not attended to the above as yet you should speak to your Accountant immediately or contact our office on 9387 5637.