Yes, it’s that time again. Time to get all those receipts and balance sheets in order. The End of Financial Year is fast approaching so we thought we’d compile a list of Year-End Tax Tips for you. We hope you find them useful.
Stock Write Off
Do a Stock Take and identify slow moving or damaged stock and write this stock off. You can also make a GST adjustment on this stock.
Prepay Expenses
Prepayment of regular business expenses can provide an immediate tax deduction.
PSB Ruling
For those operating a Personal Services Business, ensure that you have satisfied the provisions with respect to Personal Services Income including the 80/20 rule.
Log Books
Ensure you have kept a log book for a 12 week period to establish business use of motor vehicles.
Superannuation
Pay your superannuation entitlements before June 30th to get tax deductions.
Bad Debts
Write off bad debts by June 30th. Don’t forget to make the GST adjustment.
Capital Gains
If you can, defer the realisation of a capital gain until after June 30th. If capital gains are already realised, review other activities to identify any capital losses.
Loans
Review details of any loans to shareholders or loans by shareholders to a company.
Accountant
Find a good accountant! Their fees will easily be reduced by the tax savings they can make for you.
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