7 Essential Tax Returns Tips – All About Tax Returns Broome And Tax Returns Australia

Though the end of the financial year is still a few months away – it pays to put together a checklist of your end-of-year tax planning the earliest time possible. This way you can achieve the best outcome from your tax returns Broome.

Tax planning is a year-round event, and not a one-time project. Though it is inevitable to encounter some last-minute items in your tax returns preparation – at least they can be minimised.

To help you with your tax planning, here are some helpful tax returns Australia tips you can start thinking about:

1. Trading stock
If you have stocks that are old, damaged, or obsolete – then it’s time to get rid of them and include them in your tax returns Broome before 30th June. Such a written-off amount will immediately serve as a tax deduction. It would also be worthwhile to begin reviewing your stock in relation to the appropriate valuation method. Talk to your financial consultant or registered tax accountant about how you can go about this.

2. Bad debts
You will also get tax deductions when you write off your bad debts in your tax returns before 30th June. However, you need to make sure that these are written off in the ledger of the debtor. Also, ensure that the recovery action is ceased.

3. Asset register
When you write off any equipment or plant that has been scrapped in your asset register, you will receive the tax benefit within the current year. Your tax accountant can assist you with this.

4. Director’s fees and bonuses
Make sure to declare before 30th June any bonuses or director’s fees you are planning to pay. You don’t have to pay them before the said date before you can get the tax deduction. Also, the recipient do not have to declare this on their tax returns Broome until the time of actual receipt.

5. Expense prepayments
You can take advantage of the prepayment rules if you are a small business entity for tax purposes. You should be aware though that you will only qualify for the deduction in your tax returns Australia only if you make expense prepayments in June.

6. Superannuation
If you want to receive the deductions in your tax returns this year, you need to pay your superannuation before 30th June. Also, you need to make sure that the funds are receipted by the super fund.

7. Income trustee appointments
If your business operates through the trust structure, the appointment of income for beneficiaries must be determined before 30th June. Be careful when you sort these things as the Australian Tax Office is busy keeping an eye on this area at the moment. It would be best to consult with our financial advisor or tax accountant regarding your tax returns Australia.

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