corporate ASHLEY SCOTT | OWNER-MANAGER | BOQ FLINDERS STREET
PREPARING FOR THE END OF THE FINANCIAL YEAR THE END OF THE FINANCIAL YEAR ALWAYS SEEMS TO COME AROUND VERY QUICKLY AND BEFORE WE KNOW IT JUNE 30 WILL BE ON US AGAIN. Small business owners in particular should take the time to investigate how to maximise their tax benefits for this year and the year ahead. So check out the deductions and incentives available to you and see if they’re worth pursuing. Below are a few tips to get you started.
“SOME SMALL BUSINESSES CAN TAKE ADVANTAGE OF CERTAIN SPECIAL TAX RULES.”
1. GET YOUR PAPERWORK IN ORDER Start your paper hunt now. There’s always a pile of receipts and statements that you need and tracking these down takes time. Get on the front foot by getting your paperwork in order ahead of time. Mini-checklist: • bank statements • receipts • paid compulsory super contributions • pre-pay interest • reconciled payroll, accounts receivable and accounts payable. 2. MEET WITH YOUR ACCOUNTANT Make an appointment with your accountant, don’t wait until you have your paperwork ready as making the appointment will give you a self-imposed deadline to get organised.
4. PAY YOUR BILLS EARLY Pay any outstanding bills now to maximise your deduction this year and lower your tax bill some more. 5. PUT YOUR INCOME ON HOLD By deferring any income your business is entitled to receive until the next financial year, you will cut your tax bill, so it may pay to delay invoicing clients so that they pay their accounts at the start of the next financial year. 6. CHECK TO SEE IF YOU’RE ENTITLED TO ANY SMALL BUSINESS TAX CONCESSIONS Some small businesses can take advantage of certain special tax rules. Make sure you review these rules to ensure you’re claiming all the deductions your business is legally entitled to. Visit the Australian Taxation Office website www.ato.gov.au for further information. 7. PLAN FOR THE COMING YEAR Make sure you plan for the coming year by reviewing the financial performance of your business and having a solid and accurate understanding of your business’ position.
This article is for general information purposes only and is 3. GO SHOPPING not intended as financial or professional advice. The views If cash flow permits, buy items now that your business will genu- expressed in this article are solely the views of the author. Bank inely need in the near future to maximise deductions for this year of Queensland Limited ABN 32 009 656 740. e.g. office supplies or new equipment.
DUO MAGAZINE JUNE 2013 duomagazine.com.au 79
Published on May 31, 2013
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