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.