With EOFY never far away, we’ve put together some 30 June Business Tax Tips for you to apply prior to June 30 and help legitimately reduce your tax bill for the end of the financial year.
Be prepared before June 30 so you can save more and do more, with Moiler.
Here are 9 Quick 30 June Business Tax Tips to help you preparing for the end of the Australian tax year:
- Defer invoicing post 30 June
- Time the sale or disposal of Capital Gains Tax assets to ensure you meet the 12 month holding requirement for the CGT discount
- Realise capital losses prior to year end if you’ve already made a capital gain or you will make a capital gain from the sale of property or shares before 30 June. The critical date is CONTRACT DATE not settlement date.
- Prepay any tax deductible expenditure
- Write off any bad debts out of the accounts of the business (these must be written out of your accounts prior to 30 June)
- Review your depreciable plant register and write of items where applicable. Identify any assets requiring re-assessment of effective useful life. Consider scrapping any assets on the asset register prior to 30 June.
- Consider delaying the disposal of assets where there is an expected surplus recoupment of previously claimed depreciation. Consider bringing forward disposals of plant where you are expected to make a loss on disposal.
- Term Deposits – As a general rule you should plan term deposits to mature in a subsequent financial year so as to defer taxing year.
- Passive Income – Where possible, you should establish bank accounts in the name of the lowest income earner in the family group.
Every person’s circumstances are different. If you’re not sure about the best approach for your business, Aaron Sillars and Murray Fisher are on hand to make matters simpler. Just contact us so we can help.