7 Tax Tips for Planning your 2017 Tax Return
When it comes to tax returns, most people want the same thing, the biggest refund possible or at least the minimum tax payable possible, executed as quickly as possible, at the least cost possible. At Johnston Grocke, we understand this so here are some tax tips to help you achieve your tax return goals for 2017.
- Make sure that your documentation is either scanned, in the cloud or uses some kind of web based format so that your tax accountant can access it as easily as possible. Drop box has become a popular way to send large amounts of information in one hit. Making it easier for your accountant means making it quicker, which in turn, helps save you money when it comes to your tax return preparation fee.
- Use a tax return template to guide you as what information to provide, in what order. We have a free template that you are welcome to download on this link. Click Here for the checklist and Here for the spreadsheet.
- Use your 2017 tax return as an opportunity to think about the long term and not just about this year’s return. Short term you will no doubt wish to reduce your tax, but think of this year’s return as a small piece in a much larger picture, where growing your wealth long term is the core objective. Your tax advisor or financial planner should be in a good position to help you with a strategy that best suits your needs.
- In keeping with tip number 3, big picture thinking, especially for a business, requires a business plan. Business plans are all encompassing and cover key topics such as;
- Succession planning
- Management decision making
This means that decisions made at tax return time should be made in light of the overall goals and direction
of the business, rather than on an adhoc basis. Therefore sharing your business plans with your tax advisors is a very smart thing to do.
- Bear in mind the $20,000 write off opportunity for business assets purchased in the 2017 financial year.
- Be aware of the changes being made to superannuation rules, effective 1 July 2017.
From this date, for people aged under 50, tax concessions will only benefit contributions up to a value of $25,000.
Superannuation decisions you take prior to 1 July 2017 will need take into account how much you contribute, when you contribute, your age and how these decisions will impact on your long term strategic wealth plan.
- For businesses, review your structure and determine whether a company, trust or superfund is the right structure for you. Take into account key considerations such as present and projected earnings and assets.
If any of these tax tips are of particular interest to you and you would like to discuss
them further, please don’t hesitate to call Johnston Grocke today on 8303 0300.