30 June is fast approaching, which is your last chance to accelerate your tax deductions and boost your tax savings. Here are our top tax tips for business:

Accelerate your deductions

• If cash flow allows, pay by 30 June for repairs, consumables such as office stationery, trade gifts, subscriptions and donations and claim the tax deduction this year.  There are special rules for small businesses that give them access to higher immediate deductions for prepayments and depreciable assets so take advantage of what is available to you.
• Pay June quarter employee super contributions before 30 June if you want to claim a tax deduction in the current year.
• Declare any Directors' fees and bonuses before June 30 and providing the company is absolutely committed to them, you are entitled to the deduction even if they have not been paid.

Write off what you don't need

• Write off bad debts. If you've made every attempt to collect the money and failed, write it off in your debtor's ledger.
• Write off trading stock that is damaged or obsolete.
• Review your asset register and scrap any obsolete plant and equipment sitting on your depreciation schedule.

Manage the administration

• Help neutralise any capital gains you made during the year by realising any capital losses.
• Where you are operating a discretionary trust, the trustee should resolve how the income of the trust will be distributed and minute the decision.
• Where management fees are being charged between related entities, make sure that the charges have been raised by June 30.

Remember to get advice from your accountant to determine what strategy works for you.  They will ensure that all aspects of your financial position are looked at and that you still meet your financial ratios with your bank. Tax Planning is an important part of your wealth creation and needs to be done strategically and carefully.

If you would like some further information, please do not hesitate to contact a business advisor on 5413 9300 or by email.