There are many ways in which entities can defer income, maximise deductions and take advantage of other tax planning initiatives to manage their taxable incomes. Taxpayers should be aware that in order to maximise these opportunities, they need to start the year-end tax planning process early. Of course, those undertaking tax planning should be aware of the potential application of anti-avoidance provisions. However, if done correctly, tax planning can provide a number of tax savings for entities.
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Common tax planning techniques include deferring the derivation of assessable income and bringing forward deductions. It is equally important that consideration be given to any pending changes to the tax legislation, especially when a proposed amendment will be backdated.
Another important consideration is the effect of the recent budget (May 2015), with the Coalition government flagging an agenda to help businesses and to cut regulatory “red tape”. The Coalition government has also announced that it will abolish or curtail a number of tax and superannuation concessions as part of its proposed repeal of the mining tax. Other concessions include the $20,000 immediate “write-off’deductions for Small Business Entities.
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