These days there aren’t many ways to save significant amounts of tax from a month to month basis .. but they do say small things do add up. So here are some tips for the end of financial year (EOFY) that may you reduce the amount of tax that you have to pay for 2022:
Repairs & Maintenance – if you have any repairs that you are going to undertake in the next couple of months, see if you can get it done before 31 March and claim the expense in this financial year instead of waiting a whole year .. or at least purchase any materials required (eg paint).
Vehicle Expenses – fill the business vehicles up with fuel before the end of year, maybe buy some more RUC and like repairs above, if there is anything that you can see is going to be needed in the next couple of months, do it before 31 March.
Asset Purchases – consider the purchase of needed low cost assets (those less than $1,000 excl GST) prior to 31 March as they can be claimed as an expense. Remember the limit relates to a per invoice basis – check with us first, if in doubt, to make sure you get it right.
Other Expenses – top up the stationery cupboard, order the printer cartridges, prepay any subscriptions as all these types of expenses are tax deductible.
Donations – pay any donations that you wish before 31 March and get a receipt in order to claim.
BUT don’t just go spending money to save tax .. as cash is always king!
Congratulations on making it to the end of the financial year and remember .. to check out our blog by clicking here for other tips and updates.