1. Subject to cashflow requirements, consider holding off raising invoices until after 30 June, especially if you expect lower income in the following tax year.
  2. In order to claim a superannuation tax deduction in the current 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 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.



BENCHMARKS The ATO considers ‘cash economy’ businesses high risk. These include cafes, hairdressers and cleaners. Many customers of these businesses pay by cash, and, if this income is not included in the tax return, the ATO misses out on tax and GST. One way that the...

Motor Vehicle – cents per km

MOTOR VEHICLE CENTS PER KM The cents per km method of claiming motor vehicle expenses can be a lucrative claim, but you can only claim up to 5,000kms. No substantiation is needed, just a reasonable basis for the claim - e.g. 3 times a week from Mitchell to Woden for...

Motor vehicle logbooks

MOTOR VEHICLE LOGBOOKS The ATO requires a logbook be kept for a continuous 12 week period. It needs to be started in the year that you are claiming the expenses for.  This means that a logbook for a car bought in January can be started as late as 30 June. As long as...