1. Scrap Earty obsolete obelete and entry of mactes duts.
Do you have any old plant or shares that your business simply can’t sell? Write -physically before June 30, and get a tax deduction for this year. You can evaluate the negotiation actions at the lowest actual cost, the cost of substitution or the market sale value. A different assessment method can be applied to each element of the negotiation actions. Debt should have been originally displayed as revenue for reduction. Put your written decision, such as for a minute of the board. You must also show that you have made a genuine attempt to regain your debt to prove that it is bad.
2. Check any new business assets and claim it as a tax deduction this year.
In recent years, there have been great tax concessions for small businesses, with no greater than the immediate reduction available for the purchase of new commercial assets costing less than $ 20,000. There is no limit to the amount of assets you can buy in this concession, but keep in mind that you are only receiving a percentage and your cash flow will suffer. If your company is registered in the TPS, the threshold is indeed $ 22,000, as you can claim 10% GST credit (up to $ 2,000) and get an immediate reduction in this year’s tax balance.
3. Check your nest egg faster pay 15% instead of 47%, sacrificing your salary in Super.
Salary sacrifice to overcoming is one of the best and legitimate ways to minimize the income tax bill. Small business owners can contribute up to $ 30,000 a year in Super, which is only taxed at 15% within the fund and claiming a tax deduction for contribution (25% for small businesses and potentially 47% for unique merchants). Please note that in order to obtain a tax deduction in this financial year for any supply contribution (including all other unrelated employees), the contribution must be received by the Passing Fund on June 30. And if your Super Balance was less than $ 500,000 from July 1, 2024, you can advance to $ 132,500 in unused amounts of PACs from the previous 5 financial years ($ 25,000 of cover during 2019/20 and 2020/21, $ 27,500 in 2021/22, 2022/23 and 2023/24 years).
4. Give income and provide expenses up to 12 months in advance.
It is always a good idea to postpone your taxable income to the next financial year (except when the marginal tax rate increases). An immediate deduction is available for SBE for the prepaid of admissible deductions such as lease payments, interests, rent, business trips, insurance and subscriptions, up to 12 months in advance.
5. Put your income with your lowest spouse and pay less family taxes.
I am surprised by how many smart businessmen do not take the opportunity to pay less family taxes. Too often I see them by paying 47% of income taxes, which could be put on their spouse with lower taxes (0% or 16%) or company (25%). If you pay a salary to your spouse of your business, make sure you can justify the amount paid based on the time and competition required.
6. Claim a deduction for unpaid expenses at the end of the year.
The fact that you have not paid for something does not mean that you cannot claim it. Companies are entitled to an immediate deduction for certain expenses that have been “incurred” but not paid on June 30:
- Salary and salaries: Claim the number of days that employees worked until June 30, but have not been paid until the new financial year.
- Directors’ rates: Claim a tax deduction for the fees of the directors who are definitively committed from June 30 and approved a proper resolution to approve the payment.
- Personnel bonuses: Claim a tax deduction for staff bonuses and commissions owed and not paid from June 30, where the business is “definitely committed” to spending.
- Repairs and maintenance: Repairs of claims made and invoiced on June 30, but they are not paid until next year.
7. Write family trust resolutions by June 30.
After years of abuse, it is mandatory for those who have family confidence (or discretionary) to have a trustee resolution written before June 30, showing the expected distribution of income to family members. Careful fiscal planning is needed, otherwise it can cost your family thousands in unnecessary (and unwanted) taxes.
8. Provides company loans to shareholders.
If you have given your company funds, make sure that the appropriate main and interesting repayments are made on June 30. Failure to comply with the strict ATO rules will result in the amount of the full loan being considered a dividend not obtained paid and taxed on the marginal rates. The private use of certain assets of the company (such as vessels and cars) may now be that the taxi driver can catch unless a market rent is paid.
9. Do not spend purely for a tax deduction.
There are so many people who are trapped at this time of year: spending money exclusively for a tax deduction. If you are running a business through a company, you will only recover 25%again. If you want a tax deduction of $ 100,000, I will invoice you with pleasure and accept the payment. Why spend money when you only recover a fraction? Don’t get caught!
10. Get a large accountant.
Avoid paying too much in taxes or leave you open to a taxi driver’s visit. Great accounting are like quantity surveyors … they know where the boundaries are. And their fees are tax deductible!
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Resignation: This information is only general and does not constitute a professional advice. You must request professional advice regarding your particular circumstances before acting.