Newspaper article The Observer (Gladstone, Australia)

Last Minute Tips to Help in Taxing Times

Newspaper article The Observer (Gladstone, Australia)

Last Minute Tips to Help in Taxing Times

Article excerpt

AS WE approach June 30, many business owners are looking for last-minute tax minimisation strategies and time is quickly running out. Circumstances will be key to determining what strategies will benefit you, however, in this article we will discuss some general strategies.

For businesses

If possible, defer business income until after June 30, particularly if you expect that your income will be lower in 2013/14 than in 2012/13.

Ensure you have written off bad debts from your accounts receivable list before June 30, to claim the deduction in the 2013 year.

To obtain a deduction for employer or self-employed superannuation contributions, they must be paid to, and received by, the super fund before June 30, and must be within the contribution cap Co generally $25,000 an individual.

Small businesses Co with turnover less than $2 million Co can claim expenses prepaid up to 12 months in advance. For larger businesses, this is generally limited to expenses less than $1000. …

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