Tips to make profit in your business

Tips to 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 $20000 (until June 2018) 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.