The Countdown to 30 June – In 10 Easy Steps
1. If you are a trustee, it is important that you make a declaration to determine which beneficiaries will receive the income of the trust prior to 30 June 2020. If you are a client of The Macro Group, you have either received a declaration form already or will receive this shortly.
2. If you would like to make an additional superannuation contribution, this will need to be deposited into the superannuation fund before 30 June 2020. If you have an industry/retail fund, this can take a few days to clear, so please proceed without delay.
3. If you would like to take advantage of the “instant asset write-off” for 2020, you will need to purchase and install the item costing up to $150,000 prior to 30 June 2020. Please note that this accelerated instant asset write-off of $150,000 will continue through to 31 December 2020, assuming the asset is purchased and installed ready for use by that date.
4. Don’t forget to undertake your stocktake and write off any obsolete items.
Self-Managed Superannuation Funds
5. If you have a Self-Managed Superannuation Fund and receive a pension or income stream, you will need to ensure you have met your minimum payments by 30 June 2020.
6. If you employ staff and would like to bring forward your deduction for this quarter’s employer superannuation contribution, the payment will need to be paid by 30 June 2020.
7. JobKeeper payments are taxable but cashflow boost payments are not taxable. Please make sure you take this into account in your tax planning.
8. If you pre-pay interest, rent or other items, please ensure these payments are made before 30 June 2020.
9. If you are planning to sell property or other investments which result in a capital gain, consider signing the contract after 30 June 2020.
10. If you are planning to sell property or investments at a loss, consider signing the contract before 30 June 2020.
Taxation Law and Superannuation Rules are complex and this is general advice. If you have any questions regarding the above or your specific business and personal circumstances, please call 07 3844 5555 to discuss with a Macro Team member today.
Date Published: 22 June 2020