Tax time is fast approaching in Oz - you have a week to prepare!
Here are 10 Sexy Tax tips from Peter Knight
.
1. Utilise the Instant Asset write off.
– You can claim up to $20,000
- it needs to befirst used or installed by 30th June 2025.
2. Bring forward your expenses.
– If you’re spending money in the business over the next few months, bring it forward and get the tax deduction now.
If you have properties - with mortgages - consider prepaying interest and expenses !
3. Delay your invoicing.
– If you’re an invoicing business, see if you can delay sending out your invoices.
– But don’t cut yourself short for working capital.
4. Maximise your super contributions.
– Make sure you get the deduction for the full amount you’re entitled to.
– $30,000 limit this year.
– You can also catch up any shortfall from prior years, back to 2018–19.
5. Pay your subscription or membership fees
– Being part of a network is one of the most effective local area marketing strategies.
–Build your referral base and gain a tax deduction while you’re at it!
6. Repairs and maintenance.
– Get any repairs and maintenance jobs done by 30 June.
7. Office supplies.
– If it looks like you’ll need more supplies soon, you may as well pay for them now and get the tax deduction this year.
8. Donations.
– Supporting your favourite charity is a wonderful way of giving back to the community.
– Just check they are a registered charity and a deductible gift recipient (DGR).
9. Match capital gains with losses
– If you’ve made any gain on any investments, check if any other investments have had capital loss. Consider selling them - and if you think they will grow - buy them back!!
– Capital gains can only be reduced by capital losses.
10. Prepayments.
– You can get a deduction for pre-payments you make this year.
– Things like local area marketing, advertising and other business expenses.
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