Tips for End of Financial Year
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Business Tips for the End of the Financial Year
By Peter Switzer
As the end of the financial year and the tax office looms on 30 June, I thought it would be wise to ask respected chartered accountant and founder of Australianbiz.com.au, Joe Kaleb to give us his last minute checklist for anyone in business.
- Top up super contributions. Note that employer super guarantee contributions are included in the $25,000 and $50,000 thresholds.
- Delay invoicing customers or receipt of income until 1 July.
- A small business with a turnover under $2 million can claim an immediate deduction for the cost of depreciable assets costing less than $1000 and certain prepayments (for example, lease and rent expenses).
- Dispose of slow-moving stock and write-off obsolete stock before 30 June.
- Write off bad debts and claim back the GST credits where the debt has been outstanding for more than 12 months.
- Review PAYG instalment obligations and consider varying the instalment for the June 2010 quarter where the estimate of business income tax payable for the year is less than the instalments raised by the ATO.
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