EOFY 2024 Checklist
Business Asset Deduction
The Instant Asset write-off has been extended to 30 June 2025. To ensure deductibility for 2024, the asset must be delivered and installed by 30 June 2024. The asset deduction is up to $20,000 per asset.
Rental Properties
If you have recently purchased an investment property or completed structural renovations, you may want to arrange a QS Depreciation Report to claim capital works deductions. Repairs in the first 12 months after purchase are considered capital. Deferring repair work to 12 months after purchase may result in the repairs being a tax deduction. If the property is partly used as a weekender, you must record the nights of private use.
Motor Vehicle
A car log book must be maintained for at least 12 consecutive weeks. The 12-week period can overlap the start or end of the financial year as long as it includes part of the year. The logbook can be used to claim a deduction for car expenses for up to five years, as long as the percentage is still representative of the actual use of the car during the particular year. The luxury car depreciation limit for 30 June 2024 is $68,108.For the 2025 financial year, it is $69,674.
Corporate Beneficiary
If you would like to set up a corporate beneficiary, the company needs to be established by 30 June 2024. To ensure your corporate beneficiary is set up in time, all necessary paperwork and documentation must be submitted to our office by 21 June 2024.
Related Party Employees
It may be time to review the current wages of your family member employees to ensure they are within the market and that their roles and responsibilities are still accurate and relevant.
Work Related Expenses
Your personal marginal tax rate plus medical levy determines the income tax you save on a deductible expense.
Ensure you are maintaining documentation for all your work related expenses.
Common deductible expenses include:
Any professional related memberships
Any equipment used in earning your income
Professional development expenses for attending conferences, including transport, meals, accommodation and registration fees
Relevant education costs, including course fees and materials
Premiums for income protection cover
Use of mobile phone and internet for work purposes. Keep a 30 day diary to establish the business use %
Motor vehicle expenses can be claimed using the 12 week log book method or an estimated business kilometre method capped at 5,000 business kilometres per year.
Donations to registered charities with a DGR number, including voluntary school building donations or capital appeal payments
Superannuation
Concessional contributions (deductible) to be paid before 30 June 2024
Minimum pension payments to be withdrawn before 30 June 2024
If you have any questions, please contact us.