Are you aware of your Tax Position for the 2017 Financial Year?
The end of the 2017 Financial Year is fast approaching
Be sure of your tax status for the year.
We like to take a ‘no surprises approach’ when it comes to your tax.
Reviewing your records before June 30th, allows us to advise any tax planning that may assist in reducing your tax.
Take action now to ensure you don’t get any costly surprises come tax.
We may have already reviewed your records at the end of the March Quarter, however a lot can happen in a couple of months, if you unsure what the end of the year will result, please send us your information – email, post or drop your information at either office.
For Tax Planning we will need information up to May 31st, 2017, including, where applicable, Accounts Receivable, Accounts Payable, copy of finance contracts (if new in this 2017 year), stock value on hand (at cost), bank & loan statements and a backup of your accounting file (or online access). To ensure sufficient time for us to review your records, please send your information to us asap, to ensure we can advise BEFORE June 30th.
We are here to help.
Some Tax Tips to Consider
Small Business with a turnover of less than $10m have access to SBE Concessions - immediate write off of equipment upto the value of $20,000 (previously $1,000) – this started from May 12th, 2015 for eligible assets and ends June 30th 2018.
Pay Employee Superannuation before June 30th, 2017 (superannuation is only claimable in the year it is paid, not accrued).
Top up your superannuation (beware of the caps - $30,000 per annum – includes employer super, salary sacrificed super. The cap is $35,000 if you are 50 years old or over).
Prepay interest or rent or other business expenditure – up to 12 months
Defer invoicing until July where possible
Attend to any repairs on business vehicles & equipment that are necessary, now.
With continual technological development, ABF Partners are able to service both Rural and Metro clients, being completely mobile with all requirements at our fingertips.
We are committed to providing continual support and assistance to meet all out clients' requirements, from small to medium size business, SMSF, individuals, investors, pensioners and estates. Please feel free to refer your friends and collegues to us.
Please Note: Many of the comments in this publication are general in nature and anyone intending to apply the information to practical circumstances should seek professional advise to independently verify their interpretation and the information's applicability to their particular circumstances.