Year End Tax Planning
Category : Practice Updates
As we move into the final quarter of the 2015 financial year, it is time to take a look at Tax Planning for you and your business. It is important to review your tax position well before 30 June to allow for any plans to be implemented.
It is very important to look beyond your cash position. The level of your bank account is often a very poor indicator of profitability. Cash reserves can be low and profit can still be strong if money has been directed towards other areas.
Some common planning strategies to implement prior to 30 June include:
- Superannuation contributions
- Income Protection Insurance
- Investments (including the pre-payment of interest)
- Writing off bad debts
- Writing off obsolete stock
- Undertaking normal maintenance
- Purchase of consumables
- Purchase of minor equipment
- Payment of all unpaid superannuation entitlements
- Prepayment of 12 months of expenses (for small businesses only)
- For primary production businesses, consider opening a Farm Management Deposit account
We can assist with a review of your accounting records and are happy to discuss any strategies and plans. Please contact our office if you would like to discuss your tax position and how you can utilise the above strategies.