Maximise super contributions
Last year for people over 50 to put in $50,000.
For everyone under 50 the limit is $25,000
DON’T go over this limit.
Pre-payments
Bring forward any payments or repairs and maintenance that you can do this year to increase you deductions this year.
Pre-pay 12 months worth of any expenses you can e.g. rent.
Put off as invoicing and receiving payment for work till July so you defer the tax till next year.
Review your asset register and determine what items need to be replaced or have kicked the bucket. This also goes for obsolete or damaged stock.
Declare any bonuses or directors’ fees before 30 June. You don’t have to pay these pre 30 June but the company must be committed to the payment via a director’s resolution.
If you are selling shares or real estate, remember that for Capital Gains Tax purposes it goes on contract date and not settle date. So try push signing your contract to July, to defer that tax bill to nex
Write-off Bad Debts
ATO Benchmarking
Check up the categories on the ATO website and make sure you business compares with what they think you should be doing. Otherwise “prepare to be boarded”.
Personal Service Income
Flood Levy
New levy that is only in for this year, but you need to be aware of it.
Property Investment
Is there any repairs that you need to perform? How about doing them now to claim the tax deduction.
Think about prepaying interest for 12 months.
Travel to inspect your rental property to make sure everything is spot on.
If you haven’t already GET a depreciation report as the cost of the report is deductible along with the massive depreciation that it allows you to deduct.
