Tax Planning Checklist Before the End of Financial Year

With the end of financial year approaching, we remind and assist all taxpayers to implement adequate tax planning strategies by providing the following checklist.
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For Business Owners:

1. Bad debt recognition
2. Conduct a stocktake to maintain closing stock accuracy
3. Accounts payable recognition
4. Access to instant asset write off to SME (less than $10m turnover) for assets less than $20,000
5. Making additional employer super contribution ($25,000 cap)

For Property Investors:

1. Depreciation reports prepared by quantity surveyors strongly recommended

For Individual Taxpayers

1. Additional voluntary super contribution ($25,000 cap)
2. Maintaining an accurate logbook for those who uses their own motor vehicles for work purposes