New strategies available in line with of our continuous improvement initiatives for TaxPlan Pro and Advanced
Available for all Entity Types:
EXPENSES: Prepayment – Service Fees
If your cash flow allows, you can claim an immediate deduction for prepaid service fees, management fees, or administration fees made prior to 30 June 2023 where the payment covers a period of 12 months or less that ends in the next income year.
INCOME: Income from Prepaid Rent
Income received from prepaid rent will result in addition tax to be paid by this entity. This strategy will result in an overall tax saving if this entity that receives the prepaid rent has a lower tax rate than the entity that has prepaid the rent.
EXPENSES: Prepayment - Rent
If your cash flow allows, you can claim an immediate deduction for prepaid rent made prior to 30 June 2023 where the payment covers a period of 12 months or less that ends in the next income year.
Available for SMSF Entities Only:
INCOME: Superannuation – Assessable Prepaid Super Contributions (SMSF Member)
This is tax advice and not financial advice.
Prepayment of contributions by members to a superannuation fund up to their annual limit of $27,500 will be taxed at 15% by the superannuation fund.
INCOME: Superannuation – Assessable Super Contributions
This is tax advice and not financial advice.
Contributions by members to a superannuation fund up to their annual limit of $27,500 will be taxed at 15% by the superannuation fund.
INCOME: Superannuation – Carried Forward Unused Cap
This is tax advice and not financial advice.
If you qualify to make additional assessable superannuation contributions using the carried forward unused cap, this will result in additional income for your superannuation fund and additional tax payable. However, given your super fund has a low tax rate of 15% and the superannuation contributions would be made by a higher taxed individual or entity, this should result in overall tax savings for your group.