End of Financial Year Support
Thu, 9 Jun 11
June 30th marks the close of the financial year. To ensure you're completely on top of your financial situation by this date check out the following tips, updates and support sites:
Top Tips for Tax Time
Survival tips from Dynamic Business:
- Visit the Austraian Tax Office (ATO) website for the latest tips and advice most relevant to your business
- Pay superannuation contributions before the 30th to ensure a deduction - 9% must have been paid for all employees
- Scrap obsolete plant and machinery
- Get capital gains tax concessions
- Value trading stock at the lower cost – market value or replacement value
- Write off bad debts and claim back the GST credits where the debt has been outstanding for more than 12 months
- Ensure private company loans that extend beyond the end of the income year are properly documented
- Review PAYG installment obligations
- Claim a deduction for Director fees and bonuses
For more detail about any of these tips visit Dynamic Business
Useful Links and Support
MYOB
For the latest updates and support from MYOB on all your tax-time needs visit MYOB Support
ATO
For all your tax needs and tax advice for 2011/12 visit ATO Website
Tax Assistance
http://www.taxassistance.com.au/
Tags: EOFY, Tax, End Of Financial Year, Finance
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