How often have advisers heard from their clients that that they will 'spend a pile of money at year end to save tax', or 'stick money into farm management deposits or superannuation' or maybe that 'averaging will work to our advantage this year'.
But are these strategies truly effective given changes to legislation?
This paper explores tax planning strategies including superannuation, farm management deposits, averaging and the timing of derivation of income and deductibility of deductions in respect of tax planning strategies utilised for primary producers.