Tax Time Tips

As another financial year draws to a close there may be some people out there who are looking for a couple of last minute ideas that will save them some tax in the new financial year. Here are some very simple things you could do quickly to save some money next time you come in to see us.

Small Business
Prepay any expenses that you know will be incurred early in the next financial year, bringing that deduction forward will save you tax next year

If you purchased an asset during the year that was less than $20,000 you may be able to claim the entire cost rather than claim it slowly over time. Contact us to see if you fall into this category.

When doing your stock-take you may wish to speak to us about whether its best to value your stock at cost, replacement price or actual value to save you recounting it at a later date.

Ensure any staff bonuses or entitlements are paid up to date by 30 June

You may have scrapped items of equipment during the year that we are still carrying at a value on your depreciation schedule. You should let us know these things as we go through to do your tax returns as we may be able to write off the book value of these assets

General Things to Consider
If you require your log book to be complete in order to claim your motor vehicle expenses ensure that you take a speedo reading on 1 July so as we can properly work out your percentage of business use for the year.

If you wish to make any donations to charitable organisations, make them prior to 30 June so as you can claim a tax deduction, also keep your receipts.

Outdoor workers may be eligible to claim the cost of sunglasses, hats & sunscreen however you need to keep your receipts.

We need to verify your receipts when you come in to do your tax return so please make sure you bring all your tax records in for the year, there may be things you don’t expect to be able to claim that we can find for you as well as verifying those things that you can claim.

As always we are on hand to answer any queries you may have so please give us a call if you have any questions.

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