Small Business Entity Strategies

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1 Morrows Knows: Tax Planning 2014 Small Business Entity Strategies Changes to SBE Taxation As part of its 2013 elections commitments, the government announced changes to the SBE taxation expected to come into effect from 1 January The taxation changes include: Immediate deduction for the purchase of new equipment with a cost of $1,000 or less, a reduction from the current limit of $6,500 Removal of an immediate deduction of $5,000 for the purchase of a vehicle Please contact us to review the implications of potential asset purchases. Review Income Recognition 1. Accrual Reporting As the end of the financial year approaches, it is necessary to clearly identify your year-end cut off dates and criteria for the recognition of income, to ensure it is included in the correct period. Income should be included when it is constructively received by the taxpayer, or in other words, when you have done everything required of you to earn the income and you have any indisputable right to the money. As such, you should only invoice in the month of June for any jobs that are completed before 30 June. Any incomplete jobs should be invoiced on completion in July. 2. Cash Reporting Your income is assessable on a cash basis when you receive payment from your customers, not when you issue an invoice. If you do not receive the payment from a customer before 30 June that an invoice has already been issued for, this income will be taxable next financial year.

2 Review Expenditure 1. Accrual Reporting At this point you should ensure that any necessary expenditure is incurred prior to 30 June These expenses need not necessarily be paid for, as an expense is incurred when you have in your possession, a June invoice from the supplier, which is included in the business s creditors and paid for after 30 June. Expenditure can also be prepaid prior to 30 June Items such as rent, insurance, interest or subscriptions can be prepaid and a full tax deduction received, provided that the prepayment is for a period of not more than 12 months. 2. Cash Reporting At this point you should also ensure that any necessary expenditure is incurred prior to 30 June When reporting on a cash basis, your expenditure is tax deductible when paid, not when the supplier issues an invoice. As such it will be necessary to make sure all necessary expenses are paid at 30 June Expenditure can also be prepaid prior to 30 June Items such as rent, insurance, interest or subscriptions can be prepaid and a full tax deduction received, provided that the prepayment is for a period of not more than 12 months. Special Deduction Opportunities A separate taxation system operates for small business which may offer you some advantages. To be classified a small business entity, the turnover of your business entity and other businesses connected to you, must be less than $2m in any of the below circumstances: 1. For the previous financial year 2. Projected income as at the start of the financial year 3. Actual turnover for the financial year The benefits of being taxed as a small business entity are summarised below: Depreciation Benefits Businesses entering into the small business tax system are eligible for accelerated depreciation deductions including: Full deduction for capital expenditure of less than $6,500, excluding GST (Draft legislation with the parliament that could reduce it to $1,000 for assets bought on or after 1 January 2014); Depreciation pooling of assets claiming 15% in the year of acquisition and 30% in subsequent years Motor vehicle acquisition The acquisition of a motor vehicle by a small business is now eligible for an upfront tax deduction of $5,000, with the remainder of the cost depreciated as a part of the pool of assets. (Draft legislation with the parliament that could remove the deduction for motor vehicles bought on or after 1 January 2014)

3 Stock valuation Small business tax payers enjoy a simplified trading stock regime, whereby you do not have to account for changes in the value of trading stock, or do stock takes at the end of the income year, provided the stock value does not move by more than $5,000 Small Business Capital Gains Tax concessions on the sale of eligible small business assets Deduction for prepaid expenditure of up to 12 months Stock Small business entities are not required to undertake a stocktake on an annual basis provided that the value of stock has not moved by more than $5,000. However, a stock take should be conducted at 30 June to ensure there has been no significant movement in stock values and any reduction in stock value is accounted for and claimed as a tax deduction. All items should be counted and assigned a cost value; however, any obsolete, damaged or other unsaleable items should be noted so that your total stock valuation can be re-valued accordingly. Similarly at 30 June we can examine the alternate methods of valuing stock. Bad Debts A review of your outstanding debtors at year end should be performed. Any amounts where there is little or no likelihood of collection can be written off at 30 June. You should of course still vigorously pursue payment. In order for a bad debt to be written off the ATO will require evidence that the payment of the debt has been pursued through reminders to the customer, follow up telephone calls and potentially legal proceedings, in the situation of a large debt being written off. Wages to Children If your children work in the business they should be paid accordingly. To record their wages you should document: Number of hours worked Hourly rate of pay Description of tasks performed Dates worked If they reach the necessary levels, PAYG Withholding Tax will need to be remitted and PAYG Payment Summaries issued. Carried Forward Losses If prior year carried forward losses exist they may be available to offset and reduce current year profits. The government has draft legislation in the parliament, which includes the repeal of the loss carry-back provisions. When enacted, the legislation will apply to assessments for the income year and later income years.

4 Other Planning Options and Issues to Review Distributions to companies new ATO approach to post 16 December 2009 loans Note that interest needs to be accrued on 2010, 2011, 2012 & 2013 entitlements in accordance with the ATO position and any agreements entered into. Noting to be mindful of the impact of return lodgement due dates on the calculation of the interest and when the interest needs to be paid by. Ensure minimum Division 7A requirements are met Written facility agreement Minimum interest & principal repayments Separation of loans Maximising benefits under the FBT system. That is salary package laptops that are primarily for business use, vehicles etc. Remunerating directors of companies / trust beneficiaries by a distribution rather than a wage and the savings on payroll tax and workcover as well as potential personal superannuation deductions Utilising tax free threshold where company / trust is in a loss situation by paying wage that will still be tax free to the directors / beneficiaries. Maximum tax free threshold for individual is $20,542. Note superannuation contributions need to be made and a workcover policy in place Primary production issues of which to be aware: FMD s. Tax issues on withdrawal (possible superannuation contributions to offset). Maintaining FMD s (i.e. continuing as a primary producer. Making deposits that cannot exceed PP income, maximum per person is $400,000 and must be held with one bank Water facility deductions over 3 years, with one third deductible in year of acquisition regardless of date - that is, can obtain deduction for one third of costs incurred in June Landcare costs are fully deductible Averaging. Ensuring minor beneficiaries are in averaging from age 14. This should be achieved by distributing the maximum allowable income from the trust. Just need to ensure that in year 2 the PP distribution is more than year 1. Can create huge tax savings in the year they turn 18. Consider removal from averaging, especially when over 60 and income is managed via superannuation. Results in no complementary tax being payable. Election cannot be revoked so once elect out of system always out Ensuring the appropriate beneficiaries of a primary production trust are nominated as beneficiaries for taxation and FMD purposes where the trust is expected to not have a distributable income for the 2014 financial year. Negative Gearing (Property or Share investments) Negative gearing may be a good way to increase wealth by: Allowing a tax deduction now when you need it Not be taxed on the capital growth of the investment until it is sold in the longer term When considering this type of investment you need to compare the initial losses against potential capital growth and future cashflow. We are able to review any potential investments with you to determine your after tax position with the investment and the optimum ownership structure of the purchase.

5 Temporary Budget Repair Levy From 1 July 2014, the government will introduce a 3-year temporary levy of 2% on individuals with taxable income in excess of $180,000 per annum, until 30 June (The legislation is expected to passed in parliament before 1 July 2014) Therefore, it might be prudent to consider bringing forward income (dividends and/or capital gains) to the 2014 financial year. Disclaimer: The information provided in this communication is general in nature and not intended to be advice. You should contact our office for further information or for a tailored solution to your needs Morrows Business Advisory Morrows provides you with sophisticated and forward-thinking business, taxation and accounting services that help you meet your own, your family s and your business taxation, compliance, business planning and financial goals. Please call us on or businessandtax@morrows.com.au make a time to discuss to understand how we can work with you and your family.

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