Pay June 2019 quarter superannuation by 30 June to be eligible for a deduction in the 2018/19 year. Super paid after 30 June – but before 28 July 2019 – will be deductible in the 2019/20 year. Any super payments made for the June quarter after 28 July are not tax deductible.
Defer invoicing clients to after 30 June 2019 to push income into the next financial year.
Consider taking advantage of the $30,000 instant asset write off and purchasing assets for your business – this includes tools, equipment, cars and other assets.
The instant write off threshold has changed on numerous occasions this year. Since 2 April 2019 the threshold has been $30,000 but note the prior thresholds and dates below:
- $30,000, for each asset purchased from 7.30pm (AEST) on 2 April 2019 until 30 June 2020
- $25,000, for each asset purchased from 29 January 2019 until before 7.30pm (AEST) on 2 April 2019, and
- $20,000, before 29 January 2019.
Review your debtors and write off any debtors that you will not be able to recover because they can’t or won’t pay.
Small business entities are able to prepay expenses such as rent and claim a deduction for the prepayment. The prepayment can only cover a period of no more than 12 months.
Make sure you keep accurate records. Invoices, receipts and statements are still required to be maintained even though most businesses are now using software with bank feeds and automatic processing features.