As tax time approaches, we should all be thinking about ways to Maximize our tax returns, and minimize any tax that we will need to pay.
Whilst many leave this up to their capable Accountants, Bookkeepers and Tax Agents, it's always a good idea to still Ask the Questions.
Here are a few tips as we head towards June 30
Stationery and office equipment are usually advertised at discounted rates around this time. If your office is bare, or you need a new printer (or ink) perhaps now is the time to go shopping.
Do you need any PPE / or uniforms? Buying these before the 30th June will enable a tax deduction this year, rather than next
If your business related travel claim is over $5,000 you will need a log book as you won't be able to claim the cents per kilometre method. Have you completed your Log Book.
Whilst continuing to watch your cashflow, perhaps pay your creditors on the 30th June, rather than the 1st of July (this will enable a tax deduction this year, rather than next, if you are on a cash basis)
Pay your Staff's SGC superannuation obligation by the 21st June to ensure the deduction falls into this financial year. Split your superannuation period into two if needed
If you business requires any new assets or equipment (even if it's just a new screwdriver set) provided it is a eligible deduction for your business, buying it this year means a tax deduction this year
If you need any help with your bookkeeping or Tax, give us a call today 0409715577
This articles intention is to inform rather than advise and is based on legislation at the time. Each Taxpayer’s circumstances vary so we strongly recommend that you discuss this information with your Tax Agent, Accountant or Bas Agent before implementation. If you take, or do not take action as a result of reading this article, we accept no responsibility for any financial loss incurred.
Comments