“When planning ahead for our retirement we wanted to know how we could achieve our goals and continue to live a comfortable lifestyle once we both stopped working. The tailored investment strategies of DKM Investments Services has allowed this.” ~ Robert & Michelle Peters,
“We have always been able to rely on their flexibility and courteous service, Their staff have consistently made the extra efforts to assist us in completing our projects on time.” ~ Robert Patridge - Fitzroy Motors Pty Ltd, Dealer Principal
“We have been clients of DKM Investment Services for the past 5 years. Over this period we have benefited from the advice given to us in developing a financial plan to improve our tax position and to allow us to enjoy a satisfying lifestyle.” ~ Peter & Claire McDonald,
David O'Brien: Director - Client Services
David has over 30 years experience in the accounting profession and has previously been a Partner with a large international accounting... Read more >>
Fiona McCredie: Director - Client Services
Fiona has a number of years experience working as a professional accountant providing business advisory services to clients in a variety... Read more >>
John Fisher-Stamp: Director - Client Services
John Fisher-Stamp is a Chartered Accountant and a Client Services Director of The DKM Group. John Specialises in the... Read more >>
Letitia Weatherhead: Principal - Client Services
Letitia worked in regional Queensland as a professional accountant before joining the DKM Group in 1999 and provides both... Read more >>
Mark Davies: Director - Auditing & Superannuation
Mark has a dual role at the DKM Group, leading both the Audit and Superannuation divisions. He has an... Read more >>
Michael Dowling: Director - Client Services
Michael has developed a unique combination of skills with over fifteen years in the chartered accounting profession, and more... Read more >>
Paul Symons: Director - Client Services
Paul has a wealth of accounting experience following a number of years within the banking and finance sectors. He... Read more >>
Sharon Pullen: Director - Client Services
Sharon has a number of years experience as a professional accountant providing business advice to a large and broad... Read more >>
Dale Blamire: Director - Client Services
Dale brings over 30 years experience in the accounting profession to the DKM Group. He specialises in the management... Read more >>
Denis Owens: Director - DKM Investment Services
Denis Owens is a Director of DKM Group and Managing Director of Insight Investment Services, joining the company in... Read more >>
Stephen Lennon: Director - Client Services
Steve works with a large cross section of clients on advisory issues such as business management, tax minimisation strategies... Read more >>
Greg Mallam: Director - Client Services
Greg has over 30 years of accounting experience, including 22 years as a Partner/Director of the DKM Group and... Read more >>
Tax Planning - Important Pre 30 June Considerations
As the end of the financial year draws to a close, it is essential you review your financial results and consider year-end tax planning strategies.
Tuesday 15 May 2012
|Tax Planning - Important Pre 30 June Considerations |
15 May 2012
As the end of the financial year draws to a close, it is essential you review your financial results and consider year-end tax planning strategies. With recent changes announced in the Federal Budget it is also important to consider how these will impact on your business in the new financial year.
While regular performance reviews are important, now is the time to determine the forecast net profit of your business for the full year, and the likely tax implications.
Some important issues that should be considered before 30 June -
1. Trust Distributions
Generally a trustee must exercise its discretion on how it will distribute the income of the trust by 30 June even though financial statements and income tax returns may not be finalised for a number of months afterwards. The ATO has signalled that it is undertaking increased audit activity on trust resolutions so it is important these distributions are considered and recorded by 30 June.
2. Superannuation Strategies
Superannuation contributions are only deductible where they are paid by 30 June, so ensure your contributions are paid to the superannuation funds before that time. Excess tax on contributions over concessional and non-concessional limits is costly. Now is the time to review what contributions have been made for business principals and ensure the limits are maximised.
3. Realising Capital Gains and Losses
Now is the opportunity to review the performance of your investment portfolio and discard non-performing investments. This may be particularly relevant if you have realised a capital gain earlier in the year.
4. Deferring Assessable Income and Accelerating Allowable Deductions
Please note, different rules apply for individuals, Small Business Entities (SBE's) and other businesses
5. Living Away from Home Allowance changes
Significant changes were made to LAFHA in the Federal Budget. Now is the time to put new practices in place and prepare employees on existing LAFHA for the changes.
Please contact your local client service advisor to discuss any of the above tax planning strategies for your business.