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See below for updates for Tax Determinations, Australian Taxation Office warnings, annual federal budget, income tax return checklists and changes in legislation for superannuation, small business, individuals, trusts and partnerships.

End of Year Checklists

30 June 2021 End of Year Checklists

Covered in our end of year checklist are strategies to maximise your deductions and related information required to substantiate your deductions.

Common claims made by Individuals:

  • Depreciating assets costing $300 or less including: 
  • Clothing expenses
  • Self-education expenses
  • Other work-related expenses

Maximising deductions for Businesses

  • Prepayment strategies (non-SBEs)
  • Accrued expenditure (for all business taxpayers - including SBE taxpayers)
  • Accelerating depreciation expenditure (for SBE taxpayers)
  • Prepayment strategies – SBE

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If you have any queries in relation to your end of year tax planning, please do not hesitate to contact us.

End of year Checklists for Individuals and Businesses

Key notes for Individuals:

  • Depreciable Plant - assets costing $300 or less,
  • Clothing Expenses,
  • Self Education Expenses,
  • Other Work-Related Expenses,
  • Rental Property Expenses and;
  • Home Office Expenses.

Key notes for Businesses:

  • Prepayment Strategies,
  • Maximising Deductions,
  • Accelerating Expenditure and;
  • Accrued Expenditure.?
If you have any questions, please do not hesitate to contact us. 

 

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