The Countdown to 30 June – In 12 Easy Steps

Trusts 

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 2021.  If you are a client of The Macro Group, you have either received a declaration form already or will receive this shortly.

Personal Super 

2. If you would like to make an additional superannuation contribution, this will need to be deposited into the superannuation fund before 30 June 2021.  If you have an industry/retail fund, this can take a few days to clear, so please proceed without delay.

Business 

3. Your business may be eligible to fully expense any capital items acquired prior to 30 June 2021.
4. Consider declaring franked dividends prior to 30 June to take advantage of higher company tax rates.
5. Don’t forget to undertake your stocktake and write off any obsolete items.
6. If you are a company and incurred losses in the 2021 financial year you may be able to carry these back.

Employers 

7. 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 2021. However, Xero super clearing house closes on 21 June 2021.
8. JobKeeper payments are taxable but cashflow boost payments are not taxable. Please make sure you take this into account in your tax planning.

Self-Managed Superannuation Funds 

9. 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 2021.

Prepayments 

10. If you pre-pay interest, rent or other items, please ensure these payments are made before 30 June 2021.

Investors 

11. If you are planning to sell property or other investments which result in a capital gain, consider signing the contract after 30 June 2021.
12. If you are planning to sell property or investments at a loss, consider signing the contract before 30 June 2021.

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.