BUSINESS TAX TIPS

THE BEST BUSINESS TAX TIPS

  • Pay Superannuation Guarantee Payments early (before June 30)
  • For Trusts: distribute funds to eligible recipients who are taxed less
  • For Companies: as above
  • Review your business structure
  • Review “immediate write off” items -up to $20,000 for small businesses
  • Write off unrecoverable bad debts
  • Stock: Stocktake and write off any lost, damaged or obsolete stock
  • Stationery:  Stock up and pay for it before June 30.
  • Review:  Insurances and pre-pay before June 30
  • Superannuation: consider personal contributions, salary sacrifice arrangements, spouse contributions.

Make sure you can substantiate ALL of your tax deduction claims.

Please contact me if you need assistance.