EOFY 2019/2020 is Approaching！
Are you ready to save on the SMSF tax claim?
Here are some top tips from BOA & Co. for SMSF trustee when it comes to year-end tax planning:
Tax planning tips for SMSF trustee:
Check the contributions of all members to this SMSF and to any retail or industry funds to ensure they’re below caps as they apply across all accounts.
Don’t forget that payment of premiums for Insurance in Super is considered contributions too!
Make sure Minimum Pensions took to include any increase because of consolidations.
Check that Pensions Reversionary or Binding Death Nomination is in place. If not, then restructure on July 1 to save on fees and charges.
Pensions started in June do not need to take a minimum pension for the year.
Those ages 55-59 and fully retired can consider taking part of their pension amounts as a lump sum.
In-specie transfer shares from your own names to the fund. This can also be treated as concessional contributions for self-employed if you don’t have the cash to make a deductible contribution
Consider Spouse and Co-contribution strategies for all eligible members.
Accumulation stage: Defer tax returns as long as possible.
Pension stage: Lodge as soon as possible to get those franking credit refunds!
If you are also an Investment property landlord please:
- Get your annual Income and Expenditure Statements from your agent.
- Prepay for any Insurances for Buildings and Contents.
- Prepay expenses for items like pest control (your pest controller should have vouchers).
- Do any minor repairs now and bring forward the deduction.
- If your property is new or less than 25 years old then make sure you have a depreciation schedule prepared by an authorised Quantity Surveyor.
- Lodge your tax as early as possible to help ensure you receive your refund sooner.
- Keep clear records of deductible interest and non-deductible as the tax office is clamping down.
- Consider a PAYG variation for next year to bring forward the tax benefits throughout the year.
Do you need professional assistance filing your tax returns? Call BOA & Co. accountants in Chatswood on 02 9904 7886 and our SMSF specialists will be pleased to assist you.