30th June is fast approaching – here are some things to consider which may assist in reducing your tax bill.
Small Business
Consider whether any necessary equipment purchases should be brought forward or delayed post 30th June
Review and write off any Bad Debts before 30th June
Prepare for the end of year by planning stock-takes, and getting books up to date
Consider superannuation payments before 30th June to claim them as a deduction
Review business owners salary or income, and loans
Maximise Motor Vehicle deductions by keeping diary records or a logbook if business km exceed 5,000 for the year and keep odometer readings
Property Investors
Prepare a tax plan and consider options such as pre-paying interest and insurance for rental properties
Consider whether maintenance costs should be brought into June or delayed until Financial Year 2017-2018
If you are considering re-financing, you may consider doing so before 30th June to claim costs and fees
Note the government has proposed changes to the law which will affect landlords. For example, some travel expenses are no longer claimable and depreciation claims will be limited to new items of equipment for properties purchased after 9th May 2017. Contact us for more information.
Employees
Consider your work related tax deductions for 2017, which might include:
- car expenses
- home office expenses
- tools or equipment purchases
- personal computer, phone and internet used for work
- uniform, protective clothing and laundry costs
- union fees, professional subscriptions and memberships
- income protection insurance
- costs of managing tax affairs
- donations to charities
- motor vehicle expenses
Ensure you have receipts on hand if work-related deductions exceed $300.
