We’re not wanting to alarm you, but 30 June is just around the corner! However, by actively reviewing your financial position and implementing tax planning strategies you will have clear picture of where you are at and ensure you minimise any tax liability for the year.
It is review process that is designed to identify the optimal tax planning strategies to suit your circumstances and ensure they are implemented before 30 June 2018. Our aim is for you to pay the least amount of tax you can.
1. 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
2. Incur expenses such as repairs, stationery and donations to increase your deductions in the current year
3. Prior to 30 June, review all of your accounts receivable to determine any bad debts that are not recoverable and should be written off
4. Pay your employees superannuation guarantee prior to 30 June to obtain a tax deduction in the current year
5. Complete a manual Stocktake to ensure you have accurately recorded your stock balance at 30 June
6. Ensure any concessional superannuation contributions are made to reduce the taxation liability across the group
7. Take full advantage of the Small Business Entity (SBE) concessions including the $20,000 instant asset write off