• 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.
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April 2020
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