The end of the 2016/17 financial year is almost here, so now’s the time to look at year end stock take, work in progress, bad debts and capital assets to minimise your tax.
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