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.