Denis’ Five Tips To Get Ready For Tax Time

This financial year has been a little different, and so is tax time! JobKeeper and apprenticeship subsidies may have helped to boost your business over this financial year and you may have even turned a surprising profit. But bigger profits come with bigger bills, so to ensure the only surprise you get this year is pleasant, take a look at these tips and get in touch with our team.

1. Spend Away and Prepay

Prepaying business expenses now may save you at the EOFY. Businesses are permitted to pay up to 12 months on operating costs which include rent, repairs, refilling farm and diesel tanks, office stationery, even supplies you might need in spring. Talk to our team to see what to stock up on and how to save.

2. Press Pause on Payments

If the situation suits and you’re paying your tax and BAS in cash, press pause on your customers’ payments until June 30 and start again on July 1. Asking for payments from your customers is your prerogative, not the ATO’s, and buying time can be beneficial to increase your income after the EOFY.

3. Write It Off!

Your business assets, such as items of plant and equipment and some work vehicles, depreciate over time and can be claimed and counted as a tax deduction. Whether your assets are old or new, or there are plenty or few, we can add it up.

4. Make Super Savings With Superannuation

Claim a tax deduction with superannuation for your staff or yourself by paying the contributions before June 20. With many super contributions out there, we can help direct you to the right one.

5. Reduce Your Capital Gains

The Capital Gains Tax may apply to your business if you sold shares, coins, property or other assets. To offset what you gained, you can make contributions to your super fund, or sell dud assets (poorly performing investments aka “dogs”) for a loss.

The Clock Is Ticking

These are just five ways to save at tax time and there are more specific tips and tricks depending on the type of business you own. Professionals like dentists and doctors can stock up on supplies and consumables, while tradies can get new gear and gadgets under their belts. To get your business in the best shape before the deadline, talk to our team. We will analyse the ins and outs of your business to provide meaningful recommendations and help you end this financial year well. Don’t wait until it’s too late, call us now.