Last minute EOFY Tax Saving Tips

Tax Saving Tips

A couple of days left before the end of another financial year, and let’s admit it, no one really likes to pay high taxes. It is time for some last minute strategies to minimise your tax. If your cash flow is good, it is the best time to spend on extra expenses. See below Tax Saving Tips that might help:

1. Pay your Super

Pay your superannuation now. Superannuation can only be claimed if it is paid within the financial year.

2. Prepay certain expenses

Electricity, rent, utilities – the usual expenses incurred in running your business, you can pay them in advance so they fall and can be claimed within the financial year.

3. Take advantage of the $20,000 instant write-off

Small Business Entities can claim an immediate deduction with assets purchased that are less than $20,000. If you have excess cash, you can purchase assets less than $20,000, just make sure that the assets are purchased, installed, and ready for use before 30 June 2018.

4. Charitable Donations

Donate to any charitable institutions now so you can  claim a deduction for anything over $2. Just make sure that you have a receipt.

5. Invoices

Go through your invoices. So have a look if certain receivables should be written-off.

6. Reconcile your bank and credit card accounts

Make sure everything is reconciled. In addition, all business related expenses are recorded correctly.

If you need further explanation on the information above to further minimise your tax, please  contact us at 02 4732 3844 or visit