Business tax return tips to action prior to June 30th

The end of the financial year is fast approaching. Below we have put together a few tips for you to help your business tax return.

Write off bad debts
It is important to regularly review unpaid debts owed to your business, also known as 'aged receivables'. If you have debtors that are uncontactable, in liquidation, or otherwise are unlikely to make payment, this may be considered a "bad" debt. You must have done everything possible to contact the debtor and try to recover the amount owing.
If you have a number of these, make sure you write-off the bad debts in your accounting software prior to June 30th, in order to potentially be able to claim as a deduction in your tax return.

Pay June quarter super
Superannuation payable to your employee's super funds for the April to June quarter can only be included in your business tax return as a deduction, if it has been received by the funds by June 30th.
Processing times vary for different software, banks and super funds. Although it is will not yet be due for payment, if you want this included as a deduction, payment should be made by June 21st to allow for this.

Instant asset write-off
The instant asset write-off threshold will reduce to $20,000 as of the 1st of July 2023.
In order to take advantage of the soon to change full cost write-off in your tax return, you will need to have purchased an asset and have it installed and/or ready to use by your business, by the 30th of June this year.

Remember, the key to all of the above tips, is to action them before the end of June!
​All businesses circumstances vary so as always, get in touch with any questions you may have, or to book in a tax planning session with our experts.