The Top Ten most Tantalising Tax Tips!

1. Defer income. If you have the opportunity to delay some invoicing, without hurting your cashflow, this is always a good tax planning tip.

2. Bring forward expenses. If you’re spending the money in the next few months anyway, you may as well bring it forward and get the deduction.

3. Instant Asset Write Off and Temp Full Expensing. Make the most of the Government incentives to invest and claim the full amount.

4. Prepayments. You can also get a deduction for prepayments you make this year, for future expenses. Things like Local Area Marketing and advertising are a great idea.

5. Super contributions up to the $25,000 limit. Make sure you get the deduction for the full amount you’re entitled to.

6. Super – pay before 30th June. Be sure to pay it BEFORE 30th June. The money needs to hit your fund by 30th June to get the deduction.

7. Match Capital Gains with Capital Losses. Capital gains can only be reduced by capital losses, so if have some gains, see if you can crystalise some losses.

8. Review Stock on Hand. If it’s not useable or saleable, get rid of it. Don’t count it!

9. Directors Fees. These are deductible, even if not paid to the following year. Be sure to have proper minutes and paperwork.

10. Donations. Supporting your favourite charity is also a deductible way of giving back to the community.

If in need of help, contact Peter Knight HERE