To help improve your tax position and prepare you for end of financial year we’ve got 8 hot tips below to action before 30 June. It is important you have reviewed your tax position and taken advantage of any strategies before end of financial year. A reminder also to start getting your records together for tax time, we find the earlier you prepare the easier the task is.
Our 8 Hot Tips for 30 June:
1. Pay your employee superannuation for the April – June quarter prior to 30 June to be eligible for a tax deduction in the current financial year
2. Write off bad debts for those accounts receivable that aren’t recoverable
3. Consider paying bonuses – these can be written down and claimed this financial year even if you plan to pay after 30 June
4. Make Lease payments before 30 June to ensure the deduction is claimed in this financial year
5. Purchase any necessary office equipment and stationary before the end of the financial year
6. Complete a stocktake to ascertain the correct value of your stock on hand and identify any obsolete stock that should be written off
7. Make sure you have up to date logbooks for all motor vehicles and ensure they represent the car’s correct business use
8. Review your capital expenditure and check for items under the instant write-off threshold as you may be able to claim a full deduction instead of depreciating the assets
The team at MJJ Accounting are completing last minute preparations, tax planning for clients and having our bi-annual team strategy day to set our goals for the new year. We encourage you to do the same to ensure you have a clear focus for the year ahead.