June 25, 2013
Devlin & Co are an accounting firm who specialise in providing business advice and accounting services to small and medium businesses.
Their focus goes beyond the numbers to assist clients in nine key areas which are all interlinked:
- Sale or Succession
- Your Legacy
As the end of the 2012/13 financial year is almost here, it is time to review what strategies you can use to minimise your tax.
In order to claim a tax deduction, Concessional Superannuation Contributions must be received by your Super Fund by 30 June 2013. As long as you don't exceed the capped amount of $25,000 per year because if you do you will be charged additional tax.
Asset depreciation is another way you can take advantage of tax deductions. Small business entities are able to claim an immediate deduction for any asset purchased under $6,500 before 30 June 2013 and an immediate deduction for the first $5,000 on any motor vehicles purchased before 30 June 2013.
The main idea of tax planning strategies is to reduce your tax by deferring income and/or bringing forward expenses. This can be achieved by doing things such as holding off on invoicing and waiting until after 30 June 2013 to receive debtors payments as well purchasing consumable items before 30 June 2013 such as stationery, printing and office supplies.
Click here to read Devlin & Co's two page summary of these and other tax planning strategies that is worth a quick read prior to 30 June 2013.
- If you need any assistance in any of Devlin & Co's nine key areas or are looking to move to Xero Online Accounting Software please contact Devlin & Co on (03) 9819 5888 or explore their website www.devlin.com.au