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Keep your business tax expense under control by following some common sense schemes listed below;

  • Scrap unused depreciating assets – receive an immediate tax deduction for items.
  • Claim deductions for expenses paid at year end; salary wages, repairs and maintenance and pay expenses in advance such as rent, travel interest
  • Write off unrecoverable debt – be sure to include the decision in writing before the 30th June.
  • Claim Home Office related expenses – If you conduct a portion of your business at home then you could be entitled to occupancy-related expenses such as rent or mortgage interest, council rate and house maintenance.
  • Keep good business records – this will allow to substantiate the correct level of expenses for your business at tax return time – maintaining a separate business bank account will make this easier.
  • Defer Invoicing on certain jobs til the next financial year to reduce your taxable income.

Consult Australian Accountants on 02 9415 1118 for the latest tax news & strategies, and professional advice in minimising your tax bill.