Bookkeepers: Help your clients build value and save tax Private - - PowerPoint PPT Presentation

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bookkeepers help your clients build value and save tax
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Bookkeepers: Help your clients build value and save tax Private - - PowerPoint PPT Presentation

Feb 25, 2024 259 likes •404 views

Bookkeepers: Help your clients build value and save tax Private briefing Just one idea could save you thousands! Introduction Facilities Schedule Attendees LOVETTS 2 Content Index Tax tips & knowing the right

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Bookkeepers: Help your clients build value and save tax

Just one idea… could save you thousands!

Private briefing

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Introduction

  • Facilities
  • Schedule
  • Attendees
  • LOVETTS

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Content Index

  • Tax tips & knowing the right position
  • GST, tricky issues
  • Small business concessions
  • Tax incentives
  • Tax rebates for entities

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Tax tips & knowing the right position

Broad categories

  • Active tax planning
  • Choice of structure
  • Mix of funding for venture
  • Small business concessions
  • Bring forward/increase

deductions

  • Delay/reduce assessable

income

  • Maximise rebates
  • Access lower tax rates
  • Direct income to lower tax rate

stakeholders

  • Set off tax losses
  • Manage GST, FBT, Div 7A, CGT &

entity tax compliance

  • Anti-avoidance provisions
  • Avoid mass marketed schemes

Detailed tips

http://lovetts.com.au/category/tax- insight/tips/

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SLIDE 5

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GST, tricky issues

  • Input taxed residential
  • Property transfers including

farm land, margin scheme & registration requirement

  • Going concern exemption
  • RCTI
  • International
  • Export of services
  • Reimbursements
  • Pre company registration

expenditure

  • Vouchers
  • Security deposits
  • Agents
  • GST groups, branches & joint

ventures

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Small business concessions – who qualifies?

Commencing, carrying on or winding up a business and

  • Aggregated turnover < $2m last

year

  • Is likely to have aggregated

turnover for this year < $2m (catches to this including last 2 years threshold)

  • Aggregated turnover calculated

at end of year < $2m Aggregated turnover

  • Consolidated annual turnovers
  • f grouped entities
  • Annual turnover is ordinary

income derived from carrying

  • n business
  • Affiliates – Act in accordance

with controllers of business

  • Connected entities – Broadly,

40% interest

  • Discretionary trusts – special

rules

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Small business concessions – Budget changes

Small Business

  • <$20,000 immediate

depreciation asset write-off from 13 May 2015 to 30 June 2017

  • 28.5% corporate tax rate from

July 2015. Retain 30% franking

  • 5% tax rebate for

unincorporated small business income recipients capped at $1000 from July 2015

  • Immediately deduct

professional business startup costs from July 2016

  • FBT exemption for multiple

work related electronic devices from April 2016 Primary Producers

  • Immediate write-off for

fencing and water facilities from 13 May 2015

  • 3 year write-off for fodder

storage (eg. Hay shed) from 13 May 2015

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Small business concessions - general

  • Pooled depreciation
  • Trading stock
  • Pre-paid expenses
  • 2 year amendment period
  • GST – cash basis, annual

apportionment and instalments

  • FBT car parking exemption
  • PAYG instalments method

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Small business concessions - CGT

Small business CGT concessions

  • 15 year asset exemption
  • CGT 50% active asset reduction
  • CGT retirement exemption
  • CGT rollover

Available for

  • Small business entity

stakeholders

  • <$6m net assets
  • Complex rules and care

required

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Tax incentives

  • R&D
  • Rental affordability scheme
  • Forestry
  • Film
  • Environmental protection
  • Shipping
  • Urban water
  • Infrastructure

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Tax incentives, R&D

Research & development incentive

  • Company
  • New knowledge
  • Core is experimental –

Hypothesis, experiment, results, analysis, interpretation

  • Exclusions from core activities
  • Supporting activities
  • > $20k R&D expenditure
  • Registration with AusIndustry

Benefit

  • Refundable offset of 45% if

aggregated turnover < $20m

  • Non refundable offset of 40%
  • therwise
  • $100m cap on R&D expenditure

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Tax rebates for entities

  • Franking offset
  • Foreign income tax offset
  • Primary production averaging
  • Plus those mentioned in

incentives

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Disclaimer: The information contained in this publication is for guidance only and we believe it is correct at the time of publishing. It should not be relied upon without obtaining professional advice regarding your circumstances. No responsibility for loss occasioned directly or indirectly to any person acting or refraining from acting wholly or partially upon

  • r as a result of the material in this online publication or for any error in or omission from or

external broken links within this online publication can be accepted by the publisher or any author, editor, contributor or consultant of any company referred to herein.

27/07/2015 14 Just one idea… could save you thousands!

Contact details

  • P. +61 7 3012 9580
  • F. +61 7 3012 9590
  • E. info@lovetts.com.au
  • A. Level 2, 25 Mary Street Brisbane, QLD 4000
  • Post. GPO BOX 3323, Brisbane, QLD 4001

Andrew Lovett - Speaker