Tax Planning For Business End Of Year

End Of Year Tax Planning To Consider For Businesses

•   If you are a small business (turnover less than $2m GST exclusive) write off assets costing less than $6,500 (GST exclusive).
•   Pay superannuation contributions up to the maximum cap of $25,000 per person. Note the cap also includes SGC contributions.
•   If you are a small business prepay eexpenses that are permitted under contractual arrangements up to a period of 12 months in advance such as rent, interest, leases & insurances.
•   Write off obsolete stock or if the market value is less than cost, then revalue the inventory at market value.
•   Write off bad debts
•   If a capital gain has been made then sell any assets which will result in a capital loss. Remember capital gain or loss events are triggered at time of exchange of contracts, not on settlement.
•   If cash flow permits defer any income which you can until next financial year.