MINIMISING TAX

Keep your business tax expense under control by following some common sense schemes listed below;

Scrap unused depreciating assets – receive an immediate tax deduction for items.
Claim deductions for expenses paid at year end; salary wages, repairs and maintenance and pay expenses in advance such as rent, travel interest
Write off unrecoverable debt – be sure to include the decision in writing before the 30th June.
Claim Home Office related expenses – If you conduct a portion of your business at home then you could be entitled to occupancy-related expenses such as rent or mortgage interest, council rate and house maintenance.
Keep good business records – this will allow to substantiate the correct level of expenses for your business at tax return time – maintaining a separate business bank account will make this easier. • Defer Invoicing on certain jobs til the next financial year to reduce your taxable income.