Financial Year Tax Tips For SMEs Deductions

​The $20,000 asset writer off scheme, aside from taking advantage of the small businesses its use of all other deductions at their disposal. This could involve bringing forward deductible expenses such as repairs and maintenance into the current year or prepaying monthly cost such as rent, electivity, wages and utilities. Other deductible expensive may be include running, occupancy costs are associated with this operating a home office. Sakell also recommends business owners is seeking to claim work related car expenses should make the sure they record their meter readings for 30 June, consider using a logbook to document all car expansive occurred during their trips are deductible and meet the relevant requirements. The small business should also view the end of the financial year as an opportunity to write off any bad debts they have not been able to recoup in the current financial year. But as is the case with many measures to minimize your tax bill, make sure to documents what the debts are and the efforts you have made to recover them.