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Important tax planning strategies for 2017

April 4, 2017

The end of the 2017 financial year is fast approaching! Now is the time to take stock and review the financial performance of your business to date.  Over the next couple of months, you will have a one-off opportunity to review your situation, and put in place appropriate taxation strategies to ensure you pay no more tax than you should.

Understanding what the potential tax liability will be for your business and allowing time for tax planning can save you thousands of dollars.  At the very least, it will assist you in the preparation of your budgets and cash flow projections for the coming financial year.

Here are some tips on things you can do before the end of the year to ensure you have done everything that you can to minimise your tax bill:

Contact your trusted tax and accounting adviser and make time to:

  • Calculate your Year To Date profit or loss and estimate to the end of the year
  • Consider how much tax you’ll need to pay and implement some strategies to minimise this

Consider the following tax planning strategies:

  • Deferring invoicing and the receipt of income
  • Consider your old receivables, are they recoverable, if not write them off to obtain the tax deduction
  • Pay your employee Super Guarantee before 30 June to obtain a tax deduction in the 2016/2017 year even though not due to be paid until 28 July 2017
  • Make additional superannuation contributions up to your aged based limits before 30 June 2017
  • Prepay expenses for up to 12 months – insurance, interest, subscriptions
  • Make tax deductible purchases such as accounting software and office expenses for items you will need before 30 June 2017
  • Purchase business assets and have them installed ready for use before 30 June 2017, if under $20000 there’s an immediate tax deduction (this ends on 30-6-17)
  • Complete a stocktake at 30 June 2017

Things to consider post 30th June:

  • Prepare payment summaries and provide to employees by 14 July 2017
  • Prepare ATO payment summary report and submit to the ATO by 14 August 2017
  • Pay your Super Guarantee (SG) for the quarter ended 30 June 2016 by 28 July 2017
  • Prepare ATO taxable payments reports and submit to the ATO by 28 August 2017
  • Work on your goals and vision for the 2017/2018 year.

It has been said that businesses do not plan to fail, they simply fail to plan!

Would you like some help with your 2017 tax planning?
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Michelle Gradwell

CPA, Accounting Manager

  • Bachelor of Business (Accounting)
  • Specialises in taxation and small business accounting.

The information on this site is of a general nature. It does not take your specific needs or circumstances into consideration, so you should consider your own financial position, objectives and requirements and seek personalised advice before making any financial decisions.