Here are our 5 tax tips as we head towards the end of the Financial Year.
- Stocking up on consumables such as stationery just before 30th June can result in reducing profits and a lower tax bill.
- Always lodge on time! The ATO can charge $222 per week for late lodgments and are now less willing to remit penalties.
- Catch up concessional superannuation contributions which are allowed for individuals that have not reached their concessional cap in previous years.
- To claim a tax deduction on bad debts, they must be written off prior to year end and a journal entry must be made before June 30th.
- Our biggest tip is to keep good financial records by using your mobile phone to take photos of receipts to add to the expenses. We all have a smartphone and they all have cameras. Use these to save yourself time and money!
If you have any queries or need some tax advice please call our office and arrange an appointment with one of our Tax Experts 03 5975 0488