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 www.judgeaccountants.com.au