Look into income protection
Investing in income protection not only provides peace of mind that your family is taken care of should anything happen to you, but you can also claim it as a tax deduction (as long as not through your super).
Take advantage of depreciation
Review your depreciation schedule for obsolete items and write them off completely.
Delay deriving assessable income
Where appropriate, and if it won’t adversely affect your cashflow, consider deferring some of your assessable income until after 30 June. Generally, income under a cash basis is considered to be earned when the payment has been received
Complete a stocktake
Review your stock valuation and write off any stock that is damaged or obsolete. Complete a stocktake and remember that stock can be valued at the lower of cost or net realisable value.
Are you taking advantage of tax rebates?:
Make sure you take advantage of all applicable tax rebates available to you. There are different rebates that may apply, including medical expenses, spouse super contributions, and educational rebates.
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