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2019 Business Tax Planning Strategies

The end of the 2018/19 financial year is almost here, so now’s the time to
review what strategies you can use to minimise your tax for your Business.

Below is one page of tips:

Bad debts
 Trade Debtors should be reviewed
 prior to 30 June to identify and write
 off any bad ones

Scrap assets
Review your asset ledger and write off
all assets that have been scrapped or
which have outlived their useful
economic lives

Obsolete Stock
Obsolete trading stock with no value
can be written off and a tax deduction
claimed this year

Slow moving Stock
Slow moving stock can be written
down to net realisable value

The work car is due for a service or
some new tyres why not get it done
pre June rather than just after? For
the sake of paying a few days earlier
you accelerate the effect of the tax
deduction by a whole year earlier

Superannuation contributions must
be received by the funds by 30 June in
order to obtain a deduction The
concessional contribution cap for
2019 is $ 25 000

Small Business Concessions Prepayments
Small Business Concession Tax payers
can make prepayments up to 12
months on expenses eg Insurances,
Rent, Subscriptions) before 30 June
2019 and obtain a full tax deduction
in 2019

Asset Depreciation
If your business is a Small Business Entity
(turnover less than 50 million), then for
the year ended 30 June 2019 the
following tax concessions apply:
Depreciating assets (including motor
vehicles) valued at less than 30 000
will be immediately deductible until
30/ 6/ 2020
Depreciating assets valued at above
the threshold will be depreciated in
one pool at a rate of 15 in the first
year and 30 in future year.

Defer Income
Where practical, defer issuing further
invoices and /or receiving cash/debtor
payments until after 30 June 2019

Bring Forward Expenses
consumable items or stock
before 30 June 2019 These include
stationery, printing, office and computer

Private Company (Division 7 A) Loans
Business owners who have borrowed
funds from their company must ensure
that the appropriate principal and
interest repayments are made by 30
June 2019 Current year loans must be
either paid back in full or enter into a
new agreement

Trustee Resolutions
Ensure that the Trustee Resolutions are
prepared and signed before 30 June
2019 for all Discretionary Trusts

Declare Directors Fees Before 30 June
and pay by 30 September
The company will be able to claim a
deduction in 2019 and the Director will
only have to include the income in their
income in 2020

Should you wish to discuss any of these points further,
please phone us on 08 6263 4466 or email us to: