EOFY TAX TIPS
- Subject to cashflow requirements, consider holding off raising invoices until after 30 June, especially if you expect lower income in 2016/17 compared to 2015/16.
- In order to claim a superannuation tax deduction in the 2015/16 tax year, the contribution has to be paid to, and received by, the super fund before 30 June. Don’t miss out!
- Pursue your debtors relentlessly! If you are not successful, write-off before 30 June. Otherwise, if you are on an accrual basis, the income is taxed.
- Consider prepaying as many business expenses as you can before 30 June 2016 to get the corresponding tax benefit this year, rather than next year.
- Make sure your bookkeeper reviews your MYOB / Xero file before you give it to your accountant. Unnecessary costs are incurred if your accountant needs to fix something.
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