- Description
 - Specifications
 
This paper summarises various items that may need consideration, prior to 30 June 2020, for effective tax planning.
A reminder that the majority of the Australian Government’s Budget for 2020/2021 has not yet been passed by the Parliament.
This page gives an overview under the following headings:
 A. 2020 FINANCIAL YEAR IS COMING TO AN END
B. END OF YEAR TIP
- Prepayments
 - Instant Asset Write Off
 
C. TAXING OF TRADING INCOME
- “Cash” basis
 - “Accruals” Basis
 - Record Keeping
 - Taxation Rates
 - Medicare Levy
 - Medicare Levy Surcharge
 
D. SMALL BUSINESS ENTITY RULES
- Aggregated Turnover
 - “Small Business Entity Rules”
 - Audit Review Period
 - Depreciation Rules
 - Prepayments - Small Business Entity Taxpayer
 - Staff - Bonuses
 - Staff - Holidays
 - Superannuation
 - Superannuation - Self-Employed Person
 - Salary Sacrifice Arrangement
 - Non-Concessional Contributions
 - Superannuation Minimum Contribution
 - Interest On Loan Funds
 - Repairs And Maintenance
 - Directors’ Fees
 - Travel Deductions
 - Motor Vehicle Expenses
 - Donations
 - Borrowing Costs
 - Entertainment
 - Gifts
 - Audit Fees
 - Salary Packages
 - Legal Costs
 - Luxury Car Tax
 - Research And Development For Companies With Turonver Under $20M per Annum
 - Stock Taking
 
E. STOCK
- Stock On Hand
 - Value Of Stock
 - Obsolete Stock
 
F. ASSETS
- Fixed Asset
 
G. EMPLOYMENT ISSUES
- Payment Summaries
 - PAYG Withholding Tax
 - Payroll Tax (If You Are Liable)
 - WorkCover/Workers' Compensation
 - Fringe Benefits Tax
 - Living Away From Home Allowance
 
H. INCOME ISSUE
- Government Grants
 - Personal Services Income
 - Non-Commercial Losses
 - Trust Distributions
 
I. Tax Free Thresholds
- Every adult taxpayer has a tax-free threshold of $18,200
 
J. Entities Not Defined As Small Business
- Applies to Businesses with a Turnover Over $10M
 - Prepayments - Not Defined As Small Business
 - Depreciation Rules For Turnover Up To $50M
 - Staff - Bonuses
 - Staff - Holidays
 - Superannuation
 - Superannuation - Self-Employed Person
 - Salary Sacrifice Arrangements
 - Non-Concessional Contributions
 - Superannuation Minimum Contribution
 - Interest On Loan Funds
 - Repairs And Maintenance
 - Directors’ Fees
 - Travel Deductions
 - Motor Vehicle Expenses
 - Donations
 - Borrowing Costs
 - Entertainment
 - Gifts
 - Audit Fees
 - Salary Packages
 - Legal Costs
 - Luxury Car Tax
 - Research and Development – Companies with Turnover Over $20M per Annum
 - Research And Development For Companies With Turonver Under $20M per Annum
 - Fringe Benefits Tax Payment (Accruals Basis)
 - Commissions Owing (Accruals Basis)
 - Bad Debts (Accruals Basis)
 - Interest (Accruals Basis)
 - Salaries And Wages (Accruals Basis)
 - Commercial Bills (Accruals Basis)
 - Rent (Accruals Basis)
 - Stock On Hand - Stock Taking
 - Value Of Stock
 - Obsolete Stock
 - Any Assets To Be Scrapped
 - Payment Summaries
 - PAYG Withholding Tax
 - Payroll Tax (If You Are Liable)
 - WorkCover/Workers' Compensation
 - Fringe Benefits Tax
 - Living Away From Home Allowance
 - Deferring Assessable Income
 - Settlement Discounts
 - Bad Debts Recovered
 - Deferring Livestock And Produce Sales
 - Income Splitting
 - Interest Earned
 - Employee Share Schemes
 - Government Grants
 - Personal Services Income
 - Non-Commercial Losses
 - Trust Distributions
 
K. PRIMARY PRODUCERS
- Deductions
 - Income Issues
 
L. COMPANIES
- Franking Account
 - Company Loans
 
M. CAPITAL GAINS TAX ITEMS
- Capital Gains Tax - Overview
 - Matching Capital Losses And Capital Gains
 - Consideration Of Capital Gains Tax Implications - Overview
 - Wash Sales
 - Capital Gains Discounts Might Apply
 - $6M Net Asset Value Test
 - Planning Capital Gains Tax Issues
 
N. REPORTABLE PAYMENT REPORTS
- Building and Construction Industry
 - Courier Service
 - Cleaning Service
 
O. SUPERANNUATION
- Contributions To Superannuation Funds
 - Earnings Made in a Superannuation Fund
 - Pension Payments
 - Access to Funds
 
P. EARLY STAGE INNOVATION COMPANY
Q. PROPERTY INVESTMENT
- Interest On Investment Loans
 - Building Allowance
 - Depreciation – Residential Investment Property
 - Property Owner's Deductions
 - Negative Gearing
 
R. QUESTIONS TO ASK YOUR ACCOUNTANT
S. BUSINESS REVIEW
T. INDIVIDUAL TAX RETURNS
- Superannuation Co-Contribution – for 2019/2020
 - Taxation Advice
 - Expense Substantiation
 - Working From Home Expenses
 - Expenses For Shareholding Investments
 - Sickness and Accident Insurance Payments
 - Home-Office Expenses
 - End of Year Tax Schemes
 - Managed Investment Schemes
 - Work Related Expenses
 - Motor Vehicle Expenses
 - Superannuation Contributions
 - Splitting Of Superannuation Contributions
 - Notification of Superannuation Payments
 - Interest Earned
 - Employee Share Scheme
 - Scheme formed after 1 July 2015
 - Scheme formed after 1 July 2009
 - Scheme formed before 1 July 2009
 - Dividends, Interest, Managed Funds Distributions
 - Salary Packaging
 - Property Income
 - Australian Taxation Office Monitoring
 - Zone Offset
 
U. PROVISIONS
- Provision For Holiday Pay And Long Service Leave
 - Provision For Doubtful Debts