End Of Financial Year – Tips

With the end of the financial year fast approaching, below are some practical tips to consider as a part of your overall tax and wealth creation strategies.

  • Instant write-off for assets increased from $1,000 to $20,000 for small business
  • The tax rate for small business is lower next year!
  • Claim deductions for pre-paid expenses for small business.
  • Make super contributions by 30 June 2015 (watch to contribution limits)
  • Defer income & capital gains tax.
  • Family trust distributions to tax payers with a lower tax rate
  • Write-off slow moving or obsolete stock.
  • Maximise depreciation claims for non-small businesses (i.e. turnover >$2M)
  • Claim deductions for expenses not paid at year end.
  • Write-off bad debts.
  • Ensuring loan from companies are paid back or documented
  • Consider a Self Managed Super fund for wealth creation/Tax minimisation
  • Stock takes, MV Odometer readings,  and other June 30 requirements.
  • Log Books for MV’s to ensure claim is maximised
  • Personal services income rules are covered.