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:
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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.
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Don’t forget that payment of premiums for Insurance in Super is considered contributions too!
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Make sure Minimum Pensions took to include any increase because of consolidations.
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Check that Pensions Reversionary or Binding Death Nomination is in place. If not, then restructure on July 1 to save on fees and charges.
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Pensions started in June do not need to take a minimum pension for the year.
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Those ages 55-59 and fully retired can consider taking part of their pension amounts as a lump sum.
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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
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Consider Spouse and Co-contribution strategies for all eligible members.
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Accumulation stage: Defer tax returns as long as possible.
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Pension stage: Lodge as soon as possible to get those franking credit refunds!
If you are also an Investment property landlord please:
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- 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.
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