Tax planning and tax minimisation is a very important part of our role. As accountants we recognise the fact that business owners and individuals want to reduce their tax liability within the framework of the Australian taxation laws.
To achieve the best possible financial outcome you need to plan in advance and we encourage you to schedule a meeting in the last quarter of each financial year to assess your options. We have put together the attached brochure to highlight some year end tax planning opportunities but some specific issues for 2014 include:
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 2014. Review your listing and write-off any obsolete or worthless stock items.
Write-off Bad Debts
Review your Trade Debtors listing and write off all Bad Debts prior to 30 June 2014. Prepare a minute of a Directors’ meeting, listing each Bad Debt, as evidence that these amounts were actually written off prior to year-end.
Small Business Concessions - Prepayments
'Small Business Concession' taxpayers can make prepayments (up to 12 months) on expenses (e.g. Loan Interest, Rent, subscriptions) before 30 June 2014 and obtain a full tax deduction in the 2014 financial year.
Ensure that the Trustee Resolutions are prepared and signed before 30 June 2014 for all Discretionary (Family) Trusts. Please contact us for more information about these resolutions.
Some general tax planning opportunities include maximising allowable tax deductions in this financial year including:
- paying directors’ fees and any staff bonuses before June 30
- pooling depreciating assets
- scrapping of depreciating assets
- writing off bad debts pre June 30
- pre-paying expenses like interest, subscriptions, rent etc.
- pay superannuation before June 30
Our offering is unique and our pro-active team is incredibly passionate about helping you succeed. If you're an ambitious business owner looking for a lot more than just basic accounting and tax compliance services from your accountant contact us today.
We primarily work with business owners who recognise the importance of marketing and we invite you to book a FREE, one hour introductory consultation to discuss your business needs. At this meeting you can expect practical business, tax, marketing and financial advice designed to help you accelerate your business success. To make a booking call us today on (08) 9240 5340 or complete your details in the box at the top of this page and let’s get to work ON your business so it's more profitable, valuable and saleable.
Accelerate Accounting Group - Build Your Business & Grow Your Wealth