Tips for Make a Profit in your Business

​• Try to Pay Early:
For your staff, superannuation guarantee payments aren’t due until July but if you are paying these in June they will give you a deduction for them in this financial year as against to next financial year.

• Having any companies and trusts?
For minimize tax payments, the trusts and companies have to distribute funds to recipients on less tax.

• Structure:
If you operate as a partnership, sole trader, in a company or trust, it’s always a good idea to analysis your current business structure.

• Immediate write offs:
For eligible businesses, assets cost is below $6,500 can be reduced immediately and then applied to the purchase of assets.

• Bad Debts:
If you are not paying money, for claim the tax deduction  by good to write these off as a poor debt prior to 30th June.

• Trading Stock:
By using stock rate to write off any lost, obsolete stock or damaged and it decrease your taxable income.

• Stationery:
Before 30th June, stocking up on stationery and consumables can help for offset profits.