Tax Tips for Tough Times

Discover practical tax tips to help clients manage cash flow, maximise deductions and stay compliant.

In this session, we cover: 

• Focus is on five key areas that may be of greater relevance during an economic downturn or tough times 

• Employment termination payments (ETPs) 

  • Made on employee’s termination or on death 

  • ETPs are concessionally taxed (depending on age of employee or if paid as death benefit)

  • Special concessional rates where ETP is bona fide redundancy

• Deductibility of bad debts to accruals taxpayers

  • Debt must be bad and written off before year-end

  • Creditor which is company or trust must apply modified loss tests in writing off debts