It’s time to go over your depreciation schedule to see any obsolete items so you can write them off completely.
You can also defer some of your assessable income until after 30 June if it won’t affect your cashflow adversely. Income is generally considered earned when payment has been received, goods have been provided, and services have been performed. This is applicable only if you are registered for GST on cashies. It’s different if you’re registered under accruals – you can postpone some of your invoicing where appropriate.
Check your stock valuation and write off any obsolete or damaged stock. Complete a stocktake and don’t forget that stock can be valued at the lower of cost or net resellable value.
Update your vehicle logbook to make sure you’re claiming the right amount for your vehicle expenses.
Every year, the ATO lets us know their watchlist, so find out if you’re on the hit list. Common items they keep an eye on are motor vehicle costs, home office expenses, and education expenses.
CGT when selling your business
As you look for different ways to grow and improve your business, seeking professional advice could prove to be an important and helpful decision.
You can click here to speak to a business, accounting and bookkeeping firm. We also offer hospitality business consultation and mortgage services. We will give you a call to know more about your needs. We will explain to you how we can improve your business.
We would love to help you formulate investment strategies and streamline your processes to take your business to the next level. Our goal is to help you grow your business, find ways to invest more and increase your productivity.
Phone: 1300 328 855
Office Address: 902 Howitt Street, Wendouree, Victoria 3355, Australia
Postal Address: PO Box 2234, Bakery Hill, Victoria 3354
Sky Accountants Gisborne & Macedon Ranges
Phone: 03 97444522
Office Address: 45 Hamilton Street, Gisborne, Victoria 3437, Australia
Postal Address: PO Box 270 Gisborne Victoria 3437