Now is the time to get your business affairs in order. This year's federal budget has brought a number of changes to tax and superannuation which businesses and individuals should take note.
Check out our infographic that addresses what needs to be taken care of before 30 June. It also includes helpful planning suggestions for the remainder of the year.
With the announcement of the federal government looking to seek $1 billion per year in new revenue from tax audit activity, it would be wise not to delay your business planning.
1. SMALL
BUSINESS
CONCESSION
CHANGES
REVISIT SUPER/
RETIREMENT
PLANNING
CURRENCY
RISK
RISK
REVIEW
RISK REVIEW
Pay your super
before 30 June.
Paying staff super
locks in your tax
deduction for the
current year.
Provide employee
benefits but no FBT?
Lodge nil return to
limit the ATO review
period.
The ATO is targeting
related parties’ loans
to SMSFs. Ensure
these loans are
reviewed.
Document trust
distributions prior to
30 June. Retain some
income to limit the
ATO review period.
Maximise
benefits from
small business
concession
changes in the
budget.
These rules have
changed. Is it time to
begin building wealth
outside the super
system as well?
The AUD appears to
be in for a tumultuous
year, how can you
limit the risks of
currency fluctuations?
In the year of the
tax audit, do you
know where your
bodies are buried?
$20k immediate
asset write-off if
turnover <$2m.
Consider delaying
purchases until July if
turnover is between
$2 - $10m.
SUPER
CONTRIBUTIONS
SMSF
BORROWINGS
TRUST
DISTRIBUTIONS
SMALL BUSINESS
ASSET WRITE-OFFS
FRINGE
BENEFITS TAX
DISCLAIMER: This publication contains general information only and is not intended to constitute financial advice. Any information provided or conclusions made, whether expressed or implied, do not take into
account individual circumstances. It should not be relied upon as a substitute for professional advice. Pilot is a trade mark of Pilot Partners Pty Ltd ACN 105 267 061 ABN 58 144 064 946 Liability limited by a
scheme approved under Professional Standards Legislation.
pilotpartners.com.au
ALL ROADS LEAD TO PILOT.
If you have questions or would like assistance with your business and tax planning, please contact Murray Howlett from Pilot’s
Tax Services division on (07) 3023 1300 or mhowlett@pilotpartners.com.au. To read more go to pilotpartners.com.au.
THE ROAD TOWARDS YEAR-END
PLANNING AND BEYOND
BUSINESS PLANNING FOR 2016/2017
JUNE
30
BEFORE JUNE 30