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