- Pre-pay Interest/Insurance for the investment property.
- Bring forward maintenance expenditures for the investment property, or business costs BEFORE 30th June, to maximise deductions for the current year:
- Repair – consider completing prior to year-end.
- Gift/Donations to registered charity.
- Prepaid interest on loan.
- Buy assets, plant, property, equipment, vehicles, etc. costing less than the instant asset-write off amount for an immediate deduction.
- Make tax deductible donations before 30 June.
- If you pay wages, you need to prepare yourself for the new ATO requirement: SINGLE TOUCH PAYROLL (STP) where you must submit payslips to the ATO weekly, or monthly. If you do not have a solution ready by 30 June, please call Teresa immediately.
- Company tax rate remains unchanged at 27.5% in financial year 2019/20
- Defer the receipt income to July so that it would be taxed in the following year, instead of the current year. the income paid by cash and cheques in July
- Review Debtors and trading stock for write-off
2020 Maximise your business deductions Print
Created by: Christopher Le
Modified on: Fri, 12 Jun, 2020 at 4:28 PM
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