Meany & Associates - For all your taxation and accounting needs.

News & Updates

Home
News & Updates
07 Jun 2013

Tips for June 30.

  1. Expenses: Look at bringing forward any expenses into the current financial year that you know you are going to incur within the next few months. Examples include subscriptions, advertising, printing & stationery, computers & other office equipment. New equipment cost-ing less than $6500 can be claimed in full. (Amounts over will need to be depreciated)
  2. Income: Similarly to paying your expenses before June 30, try to defer incoming payments. Keeping your business income minimal will reduce the tax bill therefore try to slow the income of revenue towards the end of the financial year & delay sending invoices to your clients until the next financial year
  3. Accelerated depreciation for Motor vehicle purchases. The deduction is $5,000 plus 15% of the remaining amount. (Note that the vehicle does not have to be new)
  4. Superannuation: Pay your employee’s super before June 30. Look at topping up your own super contributions (just make sure you don’t breach the contributions cap limit). You may also be eligible for the governments co-contribution. The government will pay 50c for every after tax $ to a max of $500 if your income is below $31920, and reduces by 3.33 cents per $ over that limit with nil payable once your income reaches $46920
  5. Stock: if your business has a turnover of less than $2million & your stock on hand value has not changed by more than $5000, you do not have to do a stocktake. If you do not fall into this category then you will need to do a stocktake.
  6. Consider prepaying interest. If you have an investment or business loan you may consider prepaying the interest for the 2014 year. Note that this strategy only defers tax & should be looked at inconjunction with future earnings.
  7. Car Expenses: If claiming actual expenses, check that your log book is current. NB a log-book is required for all vehicles other than utilities or panel vans with a carrying capacity of one tonne or more, or any other vehicle with a carrying capacity of nine or more passengers. Your logbook is valid for five years. The logbook must cover at least 12continuous weeks.

1 2 3
Copyright 2012 Meany & Associates Pty Ltd Design by