Taxation, investments, small business Accounting and advice, superannuation - Jamiesons Chartered Accountants

Last Minute 2016 EOY Tax Minimisation Tips

Another financial year is about to finish! As a business owner, there are many obligations that you need to consider and action just before and just after 30 June. Some of these will help to minimise your tax.

We have outlined these action points below to assist you.



Action Required

30 June 2016

· Ensure your employee superannuation payments are received and allocated by your employees' super fund prior to 30 June 2016 to ensure a tax deduction for this year. Any payments made between 1July 2016 and 28 July 2016 will count towards your Superannuation Guarantee requirement but will not be tax deductible until the 2017 financial year.

· If you operate through a trading company review shareholder loan accounts and make minimum loan repayments.

· If you operate through a discretionary family trust ensure that a Trust Distribution Resolution for each Trust is signed by 30 June 2016.

· Review 2016 LAST MINUTE strategies further below to reduce your tax prior to 30 June 2016.

· Carry out a stocktake by 30 June 2016 (companies with turnover over $ 2million)

· Review company shareholder loan accounts and make minimum loan repayments (may need to declare dividends)

1 July 2016

· Superannuation guarantee rate is still 9.5%

· 2% Temporary Budget Repair Levy continues.

14 July 2016 or before

· Provide 2016 PAYG Payment Summaries to all employees

28 July 2016

· Quarterly Superannuation contributions due for employees (for the period 1 April 2016 to 30 June 2016). THIS IS A KEY DEADLINE!

(Note: If you fail to meet your requirements by 28 July 2016, you must complete a Superannuation Guarantee Charge Statement and forward it to the ATO together with underpaid superannuation plus administration fees and interest by 14 August 2016. Superannuation Guarantee Charge payments are NOT tax deductible.)

14 August 2016 or before

· Lodge your 2016 Annual PAYG Payment Summary Statement (for employees) with the ATO. Penalties apply for late lodgement.

28 August 2016

· Taxable Payments Annual Report due for lodgement with the ATO (building and construction industry)

Please see the Blog on our website for the full details Click Here

Kind regards

Karen: 0400 648 120

Gary: 04327 507 218

Office: 07 5503 0466


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