- August 31, 2016
- Posted by: Melbourne Accountant
- Category: Tax Minimisation, Tax Planning, Tax Tips
Melbourne businesses may not be too keen on welcoming June. After all, the last day of which is also the end of the country’s financial year. It’s the time of the year when business owners are busy implementing their last minute tax planning strategies. Well, this shouldn’t be too complicated if you got your priorities right. And if you have a reliable Melbourne accountant in your payroll, he or she should have it all prepared by now. If you don’t have one employed full-time, a small accounting firm in Melbourne can do the job just fine.
For business owners who are looking for ways to lower their taxes, here are simple tax minimisation strategies that can result to huge savings:
- Buy your consumables. Stationery and other office supplies can be purchased now to offset profit. If possible, stock up as much as you can. Likewise, schedule equipment repairs and purchases before tax season starts. Check with your Melbourne accountant regarding qualified items and amount limitations.
- Write off bad debts. Perhaps it’s time to give up on bad debts and make them work for you at least by claiming your tax deduction before the end of June.
- Pay your staff’s super early. Your employees’ superannuation payments can be paid in July but if you do it in June, the deduction will be applied in the current financial year.
- Claim work related expenses. Especially for those who have their homes doubling as office, you can claim for phone, internet and other expenses as long as they are connected with your business. Even education and travel expenses can be claimed if these are related to your work. However, be sure to keep a detailed record of percentage of use.
- Use trusts and companies. Tax payments can be minimised if you have trusts and companies. Consult with your Melbourne accountant or a small accounting firm in Melbourne on how you can put funds to recipients on lower tax brackets.
These are just some techniques you are allowed to use that can drastically slash your tax liabilities. But again, experts need to be consulted to make sure you are not exceeding limits and claiming more than what you are qualified to.