Business Tax Planning Tips #3

Posted on Jun 9, 2012 | 0 comments

Here’s the final in our series of Business Tax Planning Tips. We hope you have found them useful.

Please post a comment and let us know what you thought.

And remember – act now, don’t wait until it’s too late and be prepared to substantiate your claim.

11. Stock Take / Obsolete Stock / Work in Progress

If applicable, you need to prepare a detailed Stock Take and/or Work in Progress listing as at 30 June 2012. All stock items should be reviewed for its carrying value and scrap value. Remember to keep and file all relevant documentation to support your decisions.

12. Write-off Bad Debts

Review Trade Debtors listing to write off all Bad Debts BEFORE 30 June 2012. Prepare a minute of a Director’s meeting listing each Bad Debt as evidence that these amounts were actually written off prior to year end.

13. Small Business Concessions – Prepayments

For Small Business Concession taxpayers, you can make prepayments (up to 12 months) on expenses BEFORE 30 June 2012 (e.g. Rent, Interest on Loans) and obtain a full tax deduction in the 2012 financial year.

14. Work from home

Taxpayers that work from home may be able to claim a percentage of home related expenses.

15. Fixed Assets

Review your fixed asset register and determine if there are any benefits in scrapping or trading in assets before year end.

Talk to us TODAY before the 30 June 2012 deadline for assistance to reduce your tax!

Phone 07 5585 8555 for more information.

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