Here are a few quick tips to help you minimise your tax.
Bad Debts
Review your debtors and write off the bad debts before 30 June to get the deduction.
Consumables
Buy any necessary loose tools, stationery, printer toners, paper, water etc before 30 June.
Defer Income
Delay issuing the last week of June bills to customers until 1 July.
Employee Bonus
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.
Minor Assets
Small business owners can claim up to $20,000 per item instant asset write offs up to 30 June 2017.
Motor Vehicles
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.
Pre-pay Expenses
Consider pre-payment of expenses before 30 June to get the deduction this year.
Salary Sacrifice
Consider salary sacrificing bonus payments into super (watch you don’t exceed limits).
Super Contributions
Pay employee’s June super contributions before 30 June to get a tax deduction this year.
Trust Resolutions
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.
Find Out More / Contact Us
Get more Free Tax Tips and find out more about Beck Partners , Who We Are and What We Do at our website and feel free to Contact Us if we can be of any assistance.