Looking for some tips to maximise your tax return?
You’ve come to the right place. We found this really helpful article on the Small Business Development Corporation (SBDC) website and thought if we shared some of their hot tips, we might be able to save you some coin here and there! It all helps!
Tax Planning Tips
Expecting higher income THIS financial year, compared to projections for the next fin year, then talk to your accountant to consider:
- Prepaying some 2021-22 expenses
- Take advantage of depreciation measures
- Review & postpone some of your invoicing for the current year
- Top up voluntary super contributions
Expecting higher income NEXT financial year, talk to your accountant about:
- Bringing forward some invoicing
- Paying expenses as they are due, rather than pre-paying in the current fin year
- Purchase equipment / business assets sooner rather than later
Dive into more detail about these measures that could save your business plenty, by clicking HERE and reading the full article on the SBDC website blog.