Tax check list

Final Checklist for End of Financial Year

With the end of the financial year fast approaching here is a final checklist to help you with your tax planning:

• Pay your personal Superannuation Contributions prior to 30 June in order to claim them as a tax deduction in the 2021 financial year. Contributions are not deductible until paid and received by the superannuation fund. The 2020–21 concessional contributions cap is $25,000 unless you carry-forward unused concessional contributions amounts from previous financial years
• Review your trade debtors and write-off any unrecoverable debts
• Stock up on consumables prior to 30 June so you can claim the expense in the 2021 financial year (stationery, office supplies)
• Undertake repairs to plant and equipment prior to 30 June
• Pre-pay some of your 2021/2022 expenses (such as rent, insurance, or subscriptions) In the 2020/2021 financial year. Up to 12 months of the following year’s expenses can be deducted in the current tax year
• Taking advantage of depreciation measures, such as temporary full expensing which enables you to immediately deduct the business portion of the cost of eligible depreciating assets that are first held and first used or installed ready for use for a taxable purpose between 6 October 2020 and 30 June 2021
• Reviewing and postponing some of your invoicing for the current tax year, if appropriate

Please contact us if your require more information or if you have any questions.

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