Skip to main content Skip to accessibility page Skip to search input

Ticking down to tax time

Whether your business is brand new or you’re a seasoned veteran, tax time can bring new challenges – so it pays to be prepared. Peter Foster-Bunch from Legal Access Services shares his top tips to help make tax time a little easier:

  1. Pay superannuation early for deductions this financial year.
  2. Minimise tax payment by using trusts and companies to distribute funds to recipients on lower tax brackets.
  3. Review your business structure to see if it's as efficient as it could be.
  4. With the release of the 2015 Federal Budget, eligible small businesses with a turnover of less than $2 million can claim an immediate deduction on assets that cost less than $20,000 each (excluding GST), as long as they're installed for business use before the end of the financial year.
  5. If you’re not going to get paid, then it’s best to write bad debts off before June 30 to claim the deduction.  
  6. Write off any lost, damaged or obsolete stock can reduce your taxable income.

A little planning can make a large difference at tax time!