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EOFY Tax Planning

As the end of the financial year approaches, it's the perfect time to review your tax planning strategies and identify opportunities for maximising deductions and minimising tax liabilities. Here are nine suggestions to consider for your End of Financial Year (EOFY) tax planning:

EOFY Tax Planning
  1. Timely Superannuation Payments: Ensure that superannuation contributions are made before the year-end deadline to qualify for tax deductions. Make sure payments are received by the superannuation fund on time.

  2. Instant Asset Write-Off: Explore the Instant Asset Write-Off scheme to claim tax benefits on eligible assets purchased within specified thresholds. Take advantage of this opportunity before the EOFY.

  3. Bonus Deductions for Staff Training: Small businesses can claim additional deductions for eligible training expenses incurred for their employees. Assess training needs and consider utilising this bonus deduction.

  4. Write Off Bad Debts: Deduct non-recoverable debts before the year-end and make necessary adjustments to GST.

  5. Dispose of Unnecessary Assets: Review your business's plant and equipment and dispose of any obsolete or unused assets before the year-end to claim deductions on the written-down value.

  6. Commit to Staff Bonuses: Document your commitment to paying staff bonuses before the year-end to claim deductions. Ensure proper supporting documentation is in place.

  7. Prepay Eligible Expenses: Consider prepaying expenses, such as rent or insurance, to take advantage of discounts and enjoy immediate tax deductions.

  8. Accrue Expenses Paid After Year-End: Claim deductions for services provided before the year-end, even if the payment occurs in the following tax year. Be mindful of the cut-off dates for accruals.

  9. Immediate Deduction for Start-Up Costs: Start-up costs, including accounting and legal fees, are deductible in the year they are incurred. Take advantage of this opportunity and claim your start-up costs immediately.

By implementing these nine strategies, you can optimise your tax position and make the most of your end-of-financial-year tax planning. Remember to consult with a qualified tax professional to ensure compliance and tailor these strategies to your business circumstances.



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