The end of financial year is fast approaching, but there's still time to strategise and potentially save! Here are some actionable tax tips to consider:
1. Maximise Deductions:
Buy new assets: Thinking about new equipment? Consider buying it before 30th June to claim the full deduction this year (eligible small businesses can claim up to $20,000 in instant asset write-off).
Prepay eligible expenses: Got subscriptions or recurring bills due soon? Prepay them before 30th June 30 if they cover a period less than 12 months (consult your accountant for specifics).
Review inventory & stock: Write off slow-moving or obsolete stock to claim a deduction for the difference in market value.
2. Top up Your Super:
Top up super contributions: Make voluntary contributions to your super before 30th June to reduce your taxable income (check contribution caps and eligibility).
3. Manage Income & Expenses:
Consider invoice timing: If your cash flow allows, you might explore issuing invoices for completed services just after 30th June. This can help spread your income more evenly across financial years, potentially reducing your tax burden in the current year.
Review bad debts: Write off any uncollectable debts before 30th June to claim a tax deduction.
Donate Before 30th June: Cash donations exceeding $2 made to registered Deductible Gift Recipients (DGRs) by 30th June are tax-deductible for the current financial year. Find a charity that aligns with your values and donate!
Need more personalised tax advice? Contact me today!
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