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Its tax time again
If you are not considering selling up in search of a 'sea change' then
its time to start thinking about the dreaded tax man.
While year-end is not until June 30, starting those tax preparations now will
give you a head start and help ease the pain.
These simple tips from will help ease the burden.
- Review stock on hand and write off any slow moving, obsolete or unsaleable
stock
- Ensure your fixed asset register is up to date and write off fixed assets
that are no longer in use
- Make sure all GST is paid and included on the BAS at 30 June 2003 by calculating
all internal charges and reimbursements
- Review bank borrowings and make necessary rollovers to ensure interest payments
fall into current tax year to claim the deduction
- Review all investments for tax-effective benefits
- Check whether prepayments are subject to transitional rules
- Consider deferring income until next year - subject to cash flow requirements
- Get rid of the those bad debtors - write off those which are commercially
uncollectible at 30 June
- Make sure all superannuation contributions are paid by 30 June 2003 to make
sure you can claim the deduction
- Be aware of the Superannuation Surcharge
- Consider selling some of your 'loss-makers' in order to offset
capital gains
- Consider delaying the sale of assets that will realise a capital gain until
next financial year
These tips should help you get your business in order.
25 March 2003
Source: CKG Partners
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