The end of financial year is fast approaching and time is running out to implement tax planning strategies prior to 30 June.
Whether or not you are on top of your tax planning for the current year, it is always useful to review some of the opportunities available to before year end.
Here are our favorite tips and tricks to help you out this tax season:
- Declare any bonuses to staff members prior to 30 June. If certain conditions are met the bonus will be an eligible tax deduction at 30 June and can be paid after the end of financial year
- Incur expenses such as repairs, stationery and donations to increase your deductions in the current year
- Prior to 30 June, review all of your accounts receivable to determine any bad debts that are not recoverable and should be written off
- Pay your employees superannuation guarantee prior to 30 June to obtain a tax deduction in the current year
- Utilise the 2012-13 financial year concessional contribution cap of $25,000 by contributing up to these thresholds to reduce the taxation liability across the group
- Take full advantage of the Small Business Entity (SBE) concessions including the increase in the 2012-13 financial year for immediate write off of assets under $6,500 and an additional $5,000 up front deduction for the purchase of a motor vehicle during the year.
If you would like more information, contact our team