Small Business Concessions – Prepayments
For Small Business with sales turnover of less than $10 million, you can make prepayments (up to 12 months) on expenses BEFORE 30 June 2017 (e.g. Rent, Interest on Loans) and obtain a full tax deduction in the 2017 financial year.

Small Business Concessions – $20,000 Write Off
For Small Businesses with a turnover of less than $10 million, an immediate deduction is available for any asset purchase costing less than $20,000 GST exclusive.

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

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Year End Stock Take / Work in Progress

If applicable, you need to prepare a detailed stocktake and/or work in progress listing as at 30 June 2017.

If the value of the stock at the end of the financial year is more than it was at the beginning of that year, you must include the difference as part of your assessable income when you lodge a tax return. If the value of stock at the end of the year is less than it was at the beginning of that year, your assessable income will be reduced by that difference.

Write-off Bad Debts and Capital Assets

Review Trade Debtors and Asset Registry to write off all bad debts and scrapped assets BEFORE 30 June 2017. For bad debts, prepare a minute of a Director’s meeting listing each bad debt as evidence that thes

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

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As the owner of a private company, it’s normal – and completely legal – to borrow money from your business. However, thanks to Division 7A of the Tax Act, failing to properly record that loan could land you in some serious strife come tax time.

Business owners who have borrowed funds from their company must ensure that the appropriate principal and interest repayments are made by 30 June 2017.

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

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Just like you claim wear and tear on a car purchased for income producing purposes, you can also claim the depreciation of your investment property against your taxable income.

If you own a rental property and haven’t already done so, arrange for the preparation of a Quantity Surveyors Report to allow you to claim the maximum amount of depreciation and building write-off deductions on your rental property.

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

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If possible, arrange for the receipt of Investment Income (e.g. interest on Term Deposits) and Contract Date for the sale of Capital Gains assets to occur AFTER 30 June 2017.

The Contract Date is the key date for working out when a sale has occurred, not the Settlement Date!

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

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Ensure that you have kept an accurate and complete Motor Vehicle Log Book for at least a 12 week period, which is current within the last 5 years. The start date for the 12 week period must be on or before 30 June 2017.

You should make a record of your odometer reading as at 30 June 2017.

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

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Make payments for repairs and maintenance (business, rental property, employment) PRIOR to 30 June 2017.

To claim an outright tax deduction for repairs and maintenance on your investment property, the damages must have been caused by your tenant. If you have just purchased the property and never had a tenant in the house, then clearly you won’t have a leg to stand on. The good news, however, is that these expenses will be classed as capital, and you can

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

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Purchase consumable items BEFORE 30 June 2017. These include stationery, printing, office and computer supplies.

This could also involve bringing forward deductible expenses such as repairs and maintenance into the current year or prepaying monthly costs such as rent, electricity, insurance, rates, wages and utilities etc. Other deductible expenses may include running and occupancy costs associated with operating a home office.

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

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You can expect to see some exceptional deals before the EOFY, as car dealers will be rushing to clear their stock and meet their annual sales targets. So now’s the time to get out there and negotiate a competitive price on that new set of wheels you’ve been waiting for.

Get your EOFY finance sorted now.

It’s a good idea to get your car loan in place before you hit the dealerships, so you’ll have maximum negotiating power to help you secure the right price!

Contact us here >> TODAY to find out how we can provide you with a fast, tailored car loan solution to fit your needs.

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Income is taxed in the year it is received – but why pay tax today if you can pay it tomorrow instead? Where possible, defer issuing further invoices and/or receiving cash until AFTER 30 June 2017.

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

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