The following are a list of points to consider as 30 June approaches:

Have you utilised your $27,500 concessional contribution cap?

Concessional contributions refer to contributions to your superannuation fund that are deductible (either by your employer or personally).

Did you utilise your full concessional contribution cap in prior income years?

Where an Individual’s total superannuation member balances (across all superannuation funds) were less than $500,000 at the end of the previous income year, it may be possible to carry forward unused concessional contribution caps from up to 5 prior income years (with the unused concessional contribution cap for the 2019 income year being the earliest that can be carried forward).

If you are an employer, have you paid your employee’s Superannuation Liabilities?

A deduction is available for concessional superannuation contributions upon receipt of the contributions by the Superannuation Fund.

If you are a Small Business Entity, do you have expenses that you can prepay?

If you are a Small Business Entity, you can claim a deduction for prepaying expenses that relate to the period ending 12 months from the payment date. For example, you are able to include as a deduction in your businesses tax return if you have paid rent for your business premises for July and August.

Do you have capital losses that you can realise and apply against any capital gains made this year?

Capital losses made can only be used to reduce capital gains and not taxable income, and if no capital gains are made, they will be carried forward to future years. It may be useful to trigger a capital loss if you have made a capital gain this year as it can reduce your taxable income.

Have you made any donations to a Deductible Gift Recipients (DGRs) and kept the receipts?

Donations to DGRs are deductible. If you know that you have made donations to a DGR, you need to keep receipts or documents as required by the ATO.

Did you complete your distribution resolutions/minutes if you have a discretionary trust?

Discretionary trusts, such as family trusts are required to resolve by 30 June which beneficiaries will receive the distributable income of the trust (if any). This decision must be documented by signing a resolution/minute to that effect. Our office prepares distribution minutes for circulating to our clients for the 30 June resolutions.