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Tax Planning 2024

As we approach another financial year's end, we must focus on pre-year-end tax planning to assess our business's financial standing. These next four weeks are undeniably the most critical phase of the financial year, a window of opportunity to collaborate with your advisor and strategically minimise your tax burden.

Let's walk through some actionable strategies to impact your tax planning significantly.

Year-end checklist

  • Review your debtors - If there are any customers that you think might not be able to pay you, then consider writing those off as a bad debt

  • Review your stock levels - If you have any obsolete stock that is damaged and out of date, then consider writing them off

  • Review your invoices - If there are any invoices that you've received payments for that you haven't yet rendered the service or provided the product, then include those invoices as prepaid income and not sales

  • Prepay expenses - Small businesses can prepay up to twelve months' worth of expenses. Examples: interest, rent, consumables and training courses

  • Accrue expenses - Small businesses are generally entitled to claim a deduction for business expenses incurred during the financial year, regardless of whether these expenses are being paid. Examples: Wages, directors fees and commissions

  • Maximum super contributions - Owners of businesses that haven't paid any super throughout the year. Consider your maximum super contributions if they are part of your retirement plan.

Feel free to reach out if you have any questions or want to discuss pre-year-end tax planning. I'm always here; click here to book an online catchup.



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