Every small business owner knows the stress that comes with the end of financial year.
A lot of valuable time and energy gets poured into getting your paperwork in order and making sure that you’re minimising your tax bill as much as possible.
The good news is that there is still time to sort things out, and with this information you can feel confident that you are on top of your tax before the end of the financial year.
30th June is fast approaching………….
There are many planning issues and opportunities to explore and action before 30th June 2015.
The 2015/16 Budget was handed down in May and below are the changes that we think will most affect you pre 30th June 2015:
Expanding accelerated depreciation for small businesses:
Some other general considerations for you to consider:
Get on top of your records
If you’ve been organised this year then you deserve to give yourself a big pat on the back! If, however, you’ve fallen behind on your record keeping responsibilities, we advise you to get as much as you can together and get it to your accountant ASAP.
Write off bad debts
Unfortunately, there will be times that a client does not pay you for work that has been completed. This is known as having a bad debt and it is an extremely frustrating situation for any business owner.
A small consolation can be found in the fact that bad debts are tax deductible. In the event that you have a bad debt, it should be formally written off in your financial records. You will then be able to claim it as a deduction against your taxable income. It may also be necessary for you to provide the ATO with proof that you have taken reasonable steps to recover the amount.
Get the ball rolling on stocktake
Retailers and wholesalers are required to undertake a stocktake at the end of each financial year.
However, if your annual turnover is less than $2 million and the difference in value between your opening and closing stock can reasonably be estimated to be less than $5000 then may be exempt from this requirement.
Of course there are many other areas for possible planning, too many to mention here, but please do not hesitate to contact our office on 9387 5637 for more information and assistance.
Please Note: Many of the comments in this article are general in nature and anyone intending to apply the information to practical circumstances should seek professional advice to independently verify their interpretation and the information’s applicability to their particular circumstances.
Mark has helped us immensely to understand our financial position, these guys are not just tax agents, they fully understand all aspects of business.
Daniel and his team at Tactica Partners have been taking care of me, my family and my company's accounting needs and I highly recommend him and the team. They've made getting tax done so easy and Daniel is an amazing accountant and extremely thorough and helpful.
…very professional, well prepared and organised. They have given us great business and personal tax advice, offered us good business insights, and more general personal planning advice too.
They continually deliver on all aspects of their service offering. …..we appreciate the substantial assistance they have provided in managing our bookkeeping function and providing proactive tax and accounting advice. We value their ongoing input in helping us strive for continual improvement on our reporting processes and delivery of timely information to our US office.
At last! An accountant who has "not" had a totally successful charisma bypass operation! Sensible and knowledgeable advice. Excellent!
Mark H and Helen have given us wonderful support for our family and business accounting for several years now. When I got my first invoice I grumbled……. not now. We can see the savings and feel the security for ourselves.