•   Cathedral Village, 22/115 Wickham St, Fortitude Valley QLD 4006
  •   Email Us
  •   Cathedral Village, 22/115 Wickham St, Fortitude Valley QLD 4006
  •   Email Us
Responsive – Approachable – Proactive

Be Ready For Your Tax Return – Plan Ahead to Get Ahead

We are almost at the end of another financial year so the time for your tax planning is fast running out.

With that in mind, these are just some of the actions you can take before June 30.

Contact Us Today to talk about your business and its specific circumstances before making any decisions.
 

Review your Debtors

If you have issued an invoice and know that you won’t be getting paid for that invoice, then writing off this ‘Bad Debt’ can reduce your income in this financial year.

 
Review your Stock Levels

The value of your closing stock can directly affect your business profit. Review your obsolete/old stock and scrap or revalue it to its correct value whether that’s market, cost or replacement value.

 
Review your Business Asset Needs

Are you aware of the generous Small Business asset concessions that are still available to qualifying businesses.  You may have heard of the $20,000 instant asset write-off …. Conditions do apply so make sure you speak with us first.

 
Defer Income

If you are able to defer income into July, this will mean the income is not included in the 2017 financial year and could reduce your tax liability. We can help plan this to avoid issues with your budgeting and cashflow.

 
Prepaying Certain Expenses

Your business may be in a position to pay in advance and bring the deduction  forward to this financial year for certain expenses such as Interest on business loans, office and equipment lease payments, business insurance, business related subscriptions, business travel, seminars and conference bookings, telephone and IT services … to name a few.  Some qualifying criteria may apply so speak with us first.

 
Splitting Income

Depending on your business structure and type of income, there is a potential for splitting income to family members in lower tax brackets and minimise your overall tax position. There are a number of rules to be aware of here so speak with us first.

 
Charitable Donations

Donations to qualifying charities can reduce your tax payable. If you are a member of a church or other charitable institutions you could potentially distribute profits to these organisations to minimise your tax liabilities. 

 
Review your invoices issued

If you have issued invoices for work which will only be completed in the next financial year, you may not have earned the income in 2017 and the income may belong in the next financial year.

 
Employee Superannuation

Ensure your Employee Superannuation Guarantee payments are made and cleared through your bank prior to June 30, 2017.

 
Superannuation Contributions

Time is fast running out for meeting with a financial planner to discuss your options in relation to superannuation contributions and the upcoming changes from 1 July, 2017. If you don’t have a financial planner then call us to arrange an appointment for you with one.

 
Employee Bonuses 

For qualifying businesses, Bonuses to employees are deductible when businesses have committed to paying them. So finalise and sign off on any bonus payments before the end of the financial year.

 
Capital Gains Tax

Have you made a capital gain this financial year ? Do you know if you qualify for any of the Capital Gains Tax concessions? Talk to us to see if you qualify and what may need to be put in place before 30 June, 2017.

 

 

Remember, 30 June is fast approaching so if anything here has ‘struck a chord’, don’t delay in getting in touch. Either email, or give us a call on (07) 3252 4655.

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