Small Business Tax Planning

Apr 08, 2014

These strategies or tips may allow you to minimise your tax liability at the end of this coming financial year.

  1. Superannuation for employees – make sure you pay the SGC Super for the last quarter by no later than 30 June.  The funds have to have been received and processed by the Funds on the 30th.
  2. Superannuation for owners – if you own a small business and you are not paying yourself a salary, you can make a personal contribution to your own super fund and claim a deduction for that contribution.  Again, the money must be received and processed by no later than 30 June.
  3. Deprecation of Assets – check last year’s schedule, and identify any assets you no longer own or that have been thrown out.  Advise your accountant of any changes!
  4. Stocktake – before you count your closing stock on 30 June, remember to discard or destroy obsolete or damaged stock to write off.
  5. Prepay your rent, insurance, interest and conference bookings, (and other items) and a deduction will be available
  6. Let your accountant know the amount you owe your creditors – expenses and items purchased but not yet paid for are also an allowable deduction.
  7. Upgrade your motor vehicle – as the law currently stands, you can claim an immediate $5,000 deduction on the new vehicle.
  8. Do you have long overdue debtor amounts?  Review these.  If it is unlikely that you will ever recover the debt, you can write the amounts off as bad debts, and claim a deduction.

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