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 …
Research shows businesses that are good at meeting their GST and activity statement obligations tend to run more successful businesses. This can be because the systems and processes they use to keep financial records and manage their tax affairs also help them keep track of their business performance and make sound business decisions. By maintaining proper records of dates, sales, …
The Undercover Employee The Tax Office’s ongoing compliance efforts have some constant focus. One of these is the often flawed characterisation of an employee as a contractor by businesses. Characterisation is fraught with elements of complexity. For instance, entitlement to annual leave, sick leave and other benefits may arise. An employer’s liability to work cover and payroll tax in …
