Help! I want to reduce my tax liability!
It’s tax time, you are looking at your year in review, thinking, “Next year, next year I will have done things differently.” Don’t be caught repeating this story year after year, be aware of some things that can help reduce your tax liability with our list. Just remember, it’s always best to obtain official advice from your accountant before proceeding with any of our tips!
● Pay Q4 super contributions before June 30 - don’t wait until July 28th!
● Pre-pay some expenses like rent, loan interest, business insurance, motor vehicle insurance, memberships and subscriptions. Pay these before June 30th.
● Contribute to your super fund (check with your accountant regarding allowable amounts, etc.)
● Purchase office items you’ll need before June 30th.
● Make charitable donations.
● Review your accounts receivable and write off any unrecoverable bad debts.
● Review inventory (if held) and write off any lost, damaged or unsellable items.