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  #   012-065 - End Of Year Tax Planning Checklist 2020

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  This paper summarises various items that may need consideration, prior to 30 June 2020, for effective tax planning. A reminder that the majority of the Australian Government’s Budget for 2020/2021 has not yet been passed by the Parliament. This page gives an overview under the following head ...[Read more](#hikashop_show_tabular_description)

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 This paper summarises various items that may need consideration, prior to 30 June 2020, for effective tax planning.

A reminder that the majority of the Australian Government’s Budget for 2020/2021 has not yet been passed by the Parliament.

 This page gives an overview under the following headings:

 A. 2020 FINANCIAL YEAR IS COMING TO AN END
B. END OF YEAR TIP

- Prepayments
- Instant Asset Write Off

C. TAXING OF TRADING INCOME

- “Cash” basis
- “Accruals” Basis
- Record Keeping
- Taxation Rates
- Medicare Levy
- Medicare Levy Surcharge

D. SMALL BUSINESS ENTITY RULES

- Aggregated Turnover
- “Small Business Entity Rules”
- Audit Review Period
- Depreciation Rules
- Prepayments - Small Business Entity Taxpayer
- Staff - Bonuses
- Staff - Holidays
- Superannuation
- Superannuation - Self-Employed Person
- Salary Sacrifice Arrangement
- Non-Concessional Contributions
- Superannuation Minimum Contribution
- Interest On Loan Funds
- Repairs And Maintenance
- Directors’ Fees
- Travel Deductions
- Motor Vehicle Expenses
- Donations
- Borrowing Costs
- Entertainment
- Gifts
- Audit Fees
- Salary Packages
- Legal Costs
- Luxury Car Tax
- Research And Development For Companies With Turonver Under $20M per Annum
- Stock Taking

E. STOCK

- Stock On Hand
- Value Of Stock
- Obsolete Stock

F. ASSETS

- Fixed Asset

G. EMPLOYMENT ISSUES

- Payment Summaries
- PAYG Withholding Tax
- Payroll Tax (If You Are Liable)
- WorkCover/Workers' Compensation
- Fringe Benefits Tax
- Living Away From Home Allowance

H. INCOME ISSUE

- Government Grants
- Personal Services Income
- Non-Commercial Losses
- Trust Distributions

I. Tax Free Thresholds

- Every adult taxpayer has a tax-free threshold of $18,200

J. Entities Not Defined As Small Business

- Applies to Businesses with a Turnover Over $10M
- Prepayments - Not Defined As Small Business
- Depreciation Rules For Turnover Up To $50M
- Staff - Bonuses
- Staff - Holidays
- Superannuation
- Superannuation - Self-Employed Person
- Salary Sacrifice Arrangements
- Non-Concessional Contributions
- Superannuation Minimum Contribution
- Interest On Loan Funds
- Repairs And Maintenance
- Directors’ Fees
- Travel Deductions
- Motor Vehicle Expenses
- Donations
- Borrowing Costs
- Entertainment
- Gifts
- Audit Fees
- Salary Packages
- Legal Costs
- Luxury Car Tax
- Research and Development – Companies with Turnover Over $20M per Annum
- Research And Development For Companies With Turonver Under $20M per Annum
- Fringe Benefits Tax Payment (Accruals Basis)
- Commissions Owing (Accruals Basis)
- Bad Debts (Accruals Basis)
- Interest (Accruals Basis)
- Salaries And Wages (Accruals Basis)
- Commercial Bills (Accruals Basis)
- Rent (Accruals Basis)
- Stock On Hand - Stock Taking
- Value Of Stock
- Obsolete Stock
- Any Assets To Be Scrapped
- Payment Summaries
- PAYG Withholding Tax
- Payroll Tax (If You Are Liable)
- WorkCover/Workers' Compensation
- Fringe Benefits Tax
- Living Away From Home Allowance
- Deferring Assessable Income
- Settlement Discounts
- Bad Debts Recovered
- Deferring Livestock And Produce Sales
- Income Splitting
- Interest Earned
- Employee Share Schemes
- Government Grants
- Personal Services Income
- Non-Commercial Losses
- Trust Distributions

K. PRIMARY PRODUCERS

- Deductions
- Income Issues

L. COMPANIES

- Franking Account
- Company Loans

M. CAPITAL GAINS TAX ITEMS

- Capital Gains Tax - Overview
- Matching Capital Losses And Capital Gains
- Consideration Of Capital Gains Tax Implications - Overview
- Wash Sales
- Capital Gains Discounts Might Apply
- $6M Net Asset Value Test
- Planning Capital Gains Tax Issues

N. REPORTABLE PAYMENT REPORTS

- Building and Construction Industry
- Courier Service
- Cleaning Service

O. SUPERANNUATION

- Contributions To Superannuation Funds
- Earnings Made in a Superannuation Fund
- Pension Payments
- Access to Funds

P. EARLY STAGE INNOVATION COMPANY

Q. PROPERTY INVESTMENT

- Interest On Investment Loans
- Building Allowance
- Depreciation – Residential Investment Property
- Property Owner's Deductions
- Negative Gearing

R. QUESTIONS TO ASK YOUR ACCOUNTANT

S. BUSINESS REVIEW

T. INDIVIDUAL TAX RETURNS

- Superannuation Co-Contribution – for 2019/2020
- Taxation Advice
- Expense Substantiation
- Working From Home Expenses
- Expenses For Shareholding Investments
- Sickness and Accident Insurance Payments
- Home-Office Expenses
- End of Year Tax Schemes
- Managed Investment Schemes
- Work Related Expenses
- Motor Vehicle Expenses
- Superannuation Contributions
- Splitting Of Superannuation Contributions
- Notification of Superannuation Payments
- Interest Earned
- Employee Share Scheme
- Scheme formed after 1 July 2015
- Scheme formed after 1 July 2009
- Scheme formed before 1 July 2009
- Dividends, Interest, Managed Funds Distributions
- Salary Packaging
- Property Income
- Australian Taxation Office Monitoring
- Zone Offset

U. PROVISIONS

- Provision For Holiday Pay And Long Service Leave
- Provision For Doubtful Debts