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Tax Planning Checklist


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Tax Planning Checklist This Tax Planning Checklist is a simple guide describing what matters should be taken into account when claiming for a tax deduction at the end of a financial year. It will be helpful for accountants, auditors and other people involved in finance management.

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1. Prepaid Expenditure.

  • In advance of the financial year when you need to pay taxes, you may have certain expenditure which is not capitalized to your balance sheet. Such expenditure can be prepaid regardless of the amount and period being prepaid. It should be claimed as a tax dedication in your financial statements for the current year. For example, you might have prepaid the following expenses:
    • Stationary
    • Postal and courier charges
    • Subscriptions for newspapers
    • Vehicle registration
    • Advertizing
    • Audit fees
    • Rental fees
    • Insurance
    • Travel and accommodation
    • Consumables

2. Bonuses and Holiday Pay for Employees.

  • Amounts payable to your employees for holidays and bonuses should be deductible. If those amounts are not paid within two months of the balance date the dedication can be claimed in a later income year.

3. Warranty Provisions.

  • If there are some goods that have been claimed as defective they should be compensated by warranty provisions.  Each warranty provision is deductible in the year when defective goods are sold. If your company has sold some defective goods covered by warranty provisions you can consider claiming a tax dedication for these provisions.

4. Discount Reserve.

  • You can claim for a deduction for a discount reserve (such as volume discount, prompt payment discount, seasonal discount) in case your debtors are entitled to receive the discounts. In the financial year you need to calculate the discount percentage and claim for a tax dedication for this percentage.

5. Repairs and Maintenance.

  • Usually a repairs and maintenance reserve is not deductible. However, it is recommended to undertake repairs and maintenance prior to the balance date in order to make accurate and refined (without expenditure on repairs and maintenance) estimations of capitalization in your balance sheet.

6. Hopeless Debts.

  • Bad debts are deductible. In order to claim a dedication for every hopeless debt you need to write this debt off during the financial year. Note that in case the debt is written off there will be no reasonable expectation of recovery.

7. Retentions.

  • If retentions on construction contracts are outstanding at the financial year’s end they do not form portion of your income for taxation so they should be taxed only when they become due.

8. Tips on Tax Minimization.

  • Consider splitting the total income of your company into small pieces between your family ...

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