As we collectively near the end of one of the most challenging financial years to date, the de Kretser team are here to assist in every aspect of your business.
We are gearing up and readying strategies we can implement together to reduce your taxable business, and personal, income for the 2021/22 period.
Guiding you to your Greatest Return.
We have created a list pertinent to your individual and business situations – please consider each of them for maximum gain at the end of your financial year:
| PRE-PAYING EXPENSES | For businesses with less than $50m turnover prepaid expenses (not exceeding 12 months) are deductible under the prepayment rules, Please start thinking about prepaying rent, subscriptions, insurance, interest etc should cashflow permit |
| STOCK ON HAND | If you have a business that holds stock, ensure you complete a stock take at 30 June and keep a record of the market, cost and replacement values or assets which are obsolete. |
| ASSET ACQUISITIONS AND DEPRECIATION | A business with less than $50m turnover is entitled to claim an outright deduction for any plant and equipment you purchase (regardless of cost) from 6 October 2020 to 30 June 2023. If you plan on purchasing any assets please ensure they are purchased and installed prior to June 30, 2022, to obtain the tax deduction for the 2022 financial year. *Subject to the Motor vehicle depreciation limit of $60,733 |
| COMPANY TAX RATE DIVIDENDS | Provided the company is a trading entity, any dividends paid throughout the 2022 financial year will be paid out with a 25% franking credit. Any dividends paid out during the 2023 financial year will also be paid out with a 25% franking credit. |
It is time now to also consider the following –
- SUPER – It is time to ensure you pay all your employee’s JUN-22 quarter superannuation before June 30, 2022 to ensure a tax deduction for the 2021/22 tax year
- REVIEWING THOSE THAT OWE – It is time to review your list of customers and determine whether any bad debt can be written off prior to June 30, 2022 in order to claim a bad debt deduction
- CRYPTOCURRENCY – The ATO is data matching all cryptocurrency transactions. Please ensure you keep accurate complete records and can provide details of cost, quantities and dates of acquisitions and sales
- WORKING FROM HOME – If you work from home you are able to claim an expense for your hours worked, please keep record of this for the shortcut method. If you want to utilise the actual method – please keep receipts for Telephone, Internet, Gas, Electricity, Stationery etc.
Begin the process now with de Kretser –
We have many tools for you to ready your EOFY, to explore please click here.
Once you have gathered all required documentation, please contact our team to book an appointment to discuss your requirements, online or Face to face. Please contact us regarding any questions you may have.
T: +61 3 9550 6900 E:admin@dekretser.com.au