- Prepay Expenses:
Prepay expenses where possible to get a tax deduction in this financial year. Also, ensure you run the final payroll for this year before June 30th, subject to your pay cycle.
- Superannuation Contributions:
Pay your employees’ superannuation for the June quarter before June 30th to claim a deduction for this financial year. Verify the cut-off dates with your software or clearing houses.
- Additional Superannuation Contributions:
If you plan to make extra contributions to your superannuation account, do so early. Complete a Notice of Intent to Claim form to claim a tax deduction.
- Superannuation Guarantee Increase:
The Superannuation Guarantee is increasing to 11.5% from July 1, 2024. Ensure your employment contracts are updated to reflect this where required.
- Loans from Associated Companies:
If you’ve taken a loan from your associated company, act now. Ensure you have a compliant and signed Div 7A Loan Agreement, return the loan, or declare a dividend to offset it. Remember, anti-avoidance measures apply.
- Instant Asset Write-Off:
The Instant Asset Write-off has been reduced to $20,000. If you need any assets up to this limit, consider purchasing them before June 30th to claim the deduction for this financial year.
- Inventory Stocktake:
If you carry inventory, conduct a stocktake as of June 30th to establish the inventory value and write off any obsolete stock.
- Payroll STP Lodgement:
Finalize your 2024 Payroll STP lodgement on your software by July 14, 2024.
- Dividend Documentation:
If you operate a company and declare a dividend, ensure you have documented Dividend minutes on file by June 30, 2024, or advise us to prepare them on your behalf before this date.
- Taxable Payments Annual Report:
Gather information for lodging the Taxable Payments Annual Report if you are in Building & Construction, Cleaning, Courier & Road Freight, IT, or Security businesses by August 28, 2024.
- Arrange A Property Depreciation Report:
If you have a rental property, a Property Depreciation Report (prepared by a Quantity Surveyor, such as BMT) will allow you to claim depreciation and capital works deductions on capital items within the property and on the property itself. The cost of this report (which is deductible in itself) is generally recouped several times over by the tax savings in the first year of property ownership.
