The end of the financial year is fast approaching. Don’t wait for the last minute before you begin your tax planning. Though it’s still a few months away, now is definitely the best time to take steps to maximise your tax refund and reduce the tax bill from your tax returns Kununurra.

Here are some useful tips on how you can make your tax returns Australia work to your advantage:

For your business:
1. Structure
It is always a good idea to review your business structure – whether you operate as a partnership or sole trader – or in a company or trust. This is to check if your current business structure is still appropriate for your current situation.

2. Companies and trusts
You would be pleased to know that companies and trusts can minimise tax payments by distributing funds to recipients on lower tax brackets. It would be good to ask tax accountants to review your options.

3. Pay super early
When you pay superannuation guarantee for your staff in June (instead of waiting for the due until July), you can include claim them as tax deductions on your tax returns Kununurra this financial year.

4. Bad debts
If you are not going to get paid, might as well write these off as a bad debt before 30 June. This way, you can claim them as tax deduction on your tax returns Australia, as well.

5. Immediate write offs
If you have assets that cost less than $6,500 – you can write them off immediately. What’s more is that this can be applied to the purchase of assets for the business. It would be good to check with tax accountants as to whether you are eligible or not.

6. Stationery
When you stock up stationery and other consumables before 30 June, it can help you offset profits.

7. Trading stock
If you have damaged, lost, or obsolete stock – you can reduce the taxable income on your tax returns Kununurra when you write them off.

Things To Consider:
If you’re caught up scrambling through financial documents and records whenever you try to keep track of your potential tax deductions on your tax returns Australia – you might want to consider changing the way you keep your records.

It would be good to scan receipts and electronically store them. Also, it is advisable to use a separate bank accounts for your personal and business related expenses. This way, maximising your tax refund and minimising your tax bill become easier.

Of course, when you use the professional services of tax accountants, you can have the peace of mind knowing that things go smoothly. Contact a tax accountant in your local area and begin tax planning today.