- 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, fornightly 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. i.e. Deposit 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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