Business Deductions

  • Bad debts – Trade Debtors should be reviewed prior to 30 June to identify and write off any bad debts.
  • Scrap assets – Review your asset ledger and write off any assets that have been scrapped or which have outlived their useful economic lives.
  • Low Value Pool – Assets which have been written down to where their value is quite low can be pooled together and depreciated at a higher rate.
  • Low value assets – Assets can be written off immediately under certain conditions. These rules change periodically. (Call Murray Nankivell for current thresholds).
  • Obsolete Stock – Obsolete trading stock with no value can be written off and a tax deduction claimed this year.
  • Slow moving Stock – Slow moving stock can be written down to net realisable value.
  • Stock Valuation – Stock can be written down from cost to a lower replacement value; not a common adjustment but one that is more relevant these days with the stronger Australian dollar making imports cheaper.
  • Maintenance – The work car is due for a service or some new tyres, why not get it done pre-June rather than just after? For the sake of paying a few days earlier you accelerate the effect of the tax deduction by a whole year.
  • Superannuation – Employees' superannuation contributions should be actually paid before 30 June to obtain a deduction, and to avoid the Superannuation Guarantee Charge.
  • Personal Superannuation – You can claim a deduction for personal superannuation contributions if your salaries and wages income is less that 10% of your total income.

Please contact your nearest Murray Nankivell office to book an appointment today to help us understand your specific situation and work with you to select the best strategies to help you minimise your tax bill.

The information on this website is general information only, and Murray Nankivell is, by means of this information, not rendering professional advice or services. This information has been prepared without considering your circumstances and you should seek specific tax advice about your own circumstances.

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