Personal Income, Deductions and Tax Offsets
Highland Tax & Accounting
Business Planning, Tax Accountants, Business Accountants
Some useful Business Strategies as the financial year approaches its end
1. According to cash flow requirements, consider deferring income until after 30 June 2014.
2. Bad debts must be written off in your accounts before 30 June 2014
3. Employer and/or self-employed superannuation contributions must be paid.
4. Depreciation can be claimed for assets first used, or installed ready for use, before 30 June 2014
5. Small businesses (turnover less than $2 million) can claim expenses prepaid up to 12 months in advance.
6. Wages paid to your spouse or family members must be reasonable for the work performed
7. Small businesses planning major purchases or replacements of capital equipment should contact their Accountants for advice.
8. Review valuations of trading stock in the lead up to 30 June 2014.
9. Check the budget for unutilized expenses
10. If you have not commenced the process of preparing your budgets for 2014/15it is not too late to do so even now.
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