As the end of financial year approaches, there are a number of actions you can take as a business owner to save you $$$'s on your upcoming tax obligations.
It is important to note that any action taken needs to be implemented prior to 30 June to have any impact in the current financial year.
Some of these initiatives include:
- Review of your current debtors & identify any bad debts
- Prepare a stocktake at 30 June to remove obsolete stock & value the remaining stock accordingly
- Review of your assets held in the depreciation schedule & write-off items no longer held
- Deferral of invoicing work in progress to next financial year
- Order a large amount of stock/materials prior to 30 June
- Pay superannuation obligations for the June Qtr prior to 30 June
- Pay up to the superannuation concessional contributions caps for your age bracket (2018/19 All Ages: $25,000)
- Payment of Bonuses
- Review of assets held for Capital Gains Tax Concessions
- Take advantage of the immediate write-off of assets under $30,000 for eligible Small Businesses.
We recommend a review of your financial records prior to implementing any of the above actions to see which action is best suited to your individual requirements.
If you'd like to discuss any of the above initiatives further please do not hesitate to contact us.