Income received in advance of services being provided is, generally, not assessable until the services are provided.
Taxpayers who provide professional services may consider, in consultation with their clients, rendering accounts after 30 June in order to defer the income.
A taxpayer is required to calculate the balancing adjustment amount resulting from the disposal of a depreciating asset. If the disposal of an asset will result in assessable income, a taxpayer may want to consider postponing the disposal to the following income year.
Rollover relief may be available for balancing adjustments arising from an involuntary disposal of assets where replacement assets are acquired.
Submitted by: Hayley Go
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