Year end is approaching fast and with only couple days left here are 5 quick and easy steps small business owners can consider and act upon with not too much hassle:

1.      Pay all your Expenses before 30 June

These are invoices you will need to pay eventually.  If cashflow permits it is best to pay & recognise them in your books before 30 June 13.   That way you are able to claim the tax deduction in the current financial period.

2.      Purchases in advance & Fixed Assets

If there is still budget in this years finance, order and pay for the those things now.  Things like office supplies, computers that you were planning on purchasing, order and pay for those good now and claim the deduction in this years records.   Things like ordering promotional items won't have an expiry date and is part of marketing your business, are a worthwhile investment.  Fixed assets below $6500 now get immediate full deduction and does not need to be depreciated.  

3.      Pay  your staff superannuation before 30 June

Superannuation is mandatory and must be paid.  Payments made to superannuation fund before 30 June will be deducted in the current period.  Don't forget, from 1 July the rate changes from 9% to 9.25%.

4.      Declare a dividend or directors fee with an intention of paying it

If you plan on issuing a dividend or directors fee, do so before 30 June.  This means having the meeting minuted and declared.  That way even if you don't physically pay it out until post financial year end, it will still be tax deductible.

5.      Write off Bad Debts

Unfortunately this does happen, and its probably happened to us at least once in our business life time.   It the debt has been outstanding for a long time and deemed non retrievable.  Write it off.  You will be able to claim it as a deduction this year.

These steps are not hard and can still be carried out before the end of the year.   Businesses with spare budgets should consider how best to utlise those funds bearing in mind future business opportunities.  A good way is to spend on marketing for your business.  There's no better way and easier way than to order promotional merchandise!

Hope you've enjoyed these helpful tips and if we can assist, we would love to hear from you!