Here are a few quick tips to help you minimise your tax.
Review your debtors and write off the bad debts before 30 June to get the deduction.
Buy any necessary loose tools, stationery, printer toners, paper, water etc before 30 June.
Delay issuing the last week of June bills to customers until 1 July.
Consider committing (in writing) to employee/director bonuses before 30 June.
Stock on Hand
Check your stock on hand and write off (throw out, give away) obsolete items before 30 June.
Small business owners can claim up to $20,000 per item instant asset write offs up to 30 June 2017.
Make a note of the odometer reading of your car(s) at 30 June. Start a new logbook if yours is more than 4 years old.
Consider pre-payment of expenses before 30 June to get the deduction this year.
Consider salary sacrificing bonus payments into super (watch you don’t exceed limits).
Pay employee’s June super contributions before 30 June to get a tax deduction this year.
Trustees should ensure that they take necessary steps to create present entitlement prior to 30 June.
Of course, any tax planning must take into account the potential application of anti-avoidance provisions (tax laws). Beck Partners can help ensure that you get the most out of your tax planning and stay within legal guidelines.
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