EOFY TAX TIPS

  1. 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.
  2. 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!
  3. 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.
  4. 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.
  5. 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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