The all important end of financial year is approaching and with it another tax year will be over.
Now is the time that you should be considering your tax position to ensure that you don’t end up paying more tax than you should.
Our top five tax tips to take into consideration in the lead up to the end of the financial year:
- Pay any outstanding bills before 30 June to minimise your taxable income
- Pay your staff superannuation contributions by 30 June so that you qualify for the deduction in this financial year. Although remember to not exceed the thresholds which are $25,000 for under 50s and $50,000 for over 50s otherwise your employees may have to pay extra tax
- Write off any bad debts
- Sell or write off any old inventory that you’ve had trouble moving as the value of closing stock is attributed to your profit
- Finalise the sale of any assets that look like the business will make a loss on before 30 June as losses can be offset against taxable income.
Of course there are many more things to consider when preparing for the end of the financial year and putting yourself in the best possible position so that you don’t end up paying more tax than you should.
If you need help getting your books in order for the end of the financial year, contact us.
- See more at: http://www.azuregroup.com.au/resources/blog/tax/tax-tips-for-the-end-of-the-financial-year#sthash.Hy3rFwdF.dpuf
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