Скачать или смотреть Tax planning ideas for 2020

With the financial year coming to a close, I thought it was timely to share some of the common strategies we consider when helping clients minimise their taxation liabilities.
Of course, none of the information below should be considered personal taxation advice. I don’t know your circumstances and everyone’s situation is different. Therefore, please don’t act solely on the information contained in this blog. It is best to check with an experienced and appropriately licensed professional.
New work from home deductionsTo accommodate the fact that the majority of people have been working from home during the Covid shutdown period, the ATO has provided a shortcut method for these related deductions. In simple terms, employees are able to claim a tax deduction equal to 80 cents for each hour they have worked from home between 1 March and 30 June 2020.
If more than one person has been working from home in your family, each person is entitled to the shortcut deduction.
If you use the shortcut method, you are not able to claim any additional work from home expenses.
If you do not use this shortcut method, please refer to this blog which it sets out an alternate method for calculating deductions.
When to make additional personal super contributionsAnyone that is 65 years or younger is able to contribute up to $25,000 into super and claim a personal income tax deduction. Included in this concessional contribution cap is any contributions made by your employer on your behalf. This is referred to as Superannuation Guarantee Charge or SGC i.e. the mandatory 9.5% p.a.
If you earn less than $250,000 per year, all contributions are taxed at a flat rate of 15%. This means you pay less tax overall. If you are on the top marginal tax rate, contributing into super saves 35% (47% versus 15%).
However, if you earn over $250,000 per year, contributions are taxed at a flat 30%. This is called Division 293 tax. In this situation, you are still able to reduce your tax by making super contributions, just to a lesser extent.
Finally, if your taxable income is expected to materially exceed $90,000 this financial year and you have sufficient savings, then making an additional contribution into super may be tax effective. The marginal tax rate on income between $90,001 and $180,000 is 39% so contributing into super saves you 24%.
If you expect that your taxable income is unusually high this yearIf you anticipate that your taxable income this financial year is likely to be higher than next financial year (e.g. due to receiving a bonus or crystallising a capital gain), then you might consider whether you are able to use the carry-forward rule.
The carry-forward rule allows you to access any unutilised concessional caps in previous financial years. This rule commenced on 1 July 2018. Therefore, if you did not fully utilise the $25,000 concessional cap last financial year (i.e. 2018/19), and your super balance was less than $500,000 as at 1 July 2019, then you can access the unused portion of the cap this financial year.
If you have a Self Managed Super Fund, you may also be able to contribute an additional year’s worth of contributions this year too. This is called ‘contribution reservi