As we approach the end of another financial year we wanted to share with you some end of year tax opportunities, which could assist you in minimising your tax liability.
We have highlighted some areas to focus on however we encourage you to schedule a meeting as soon as possible to assess your options and the steps you need to take well before the 30th June, 2019.
You can read more about these opportunities by clicking on the link below;
To assist you we have put together a list of strategies to consider and note:
- To maximise benefits for the 2018-2019 year, we suggest that you prepare a preliminary estimate of your taxable income for the year ending June 30, 2019 to determine if you have a tax ‘problem’.
A review of your latest financials (if current figures are not available, then last year’s figures will suffice) to determine the need for tax planning tactics such as pre-paying some expenses before June 30 for deferring some revenue until after 1st July.
*Trustee Resolutions (Where Applicable)
Trustees of Discretionary Trusts must resolve to distribute the current year’s Income via a signed Trustee Resolution. If no resolution is in place to determine who is to be assessed on the trust income, then the trustee will be assessed at the highest marginal rate of 47%. Distributions will need to be determined based on an assessment of expected final income of the trust and its beneficiaries.
Where a trust is making a distribution to a new beneficiary, we will need to lodge a ‘Tax File Number Information Form’ with the ATO before 28 July. If you elect to prepare the Trust Resolution yourself, please provide us with a copy of the Resolution by 30th June otherwise the Trust may be taxed at 47%.
We urge you to contact us to discuss any strategy you are planning to implement before June 30, 2019.