With the end of the financial year fast approaching, small businesses can take steps to save on tax. Here are some last-minute tips to trim your 2022-23 bill.
1 Review all your expenses
The starting point for ensuring you’re reducing the tax liability for your small business is to review expenses and ensure you have all the paperwork to claim relevant deductions. This can include everything from office supplies and travel expenses to advertising and professional fees.
2 Take a closer look at inventory
The lead-up to June 30 is the ideal time to review trading stock for obsolete lines that simply aren’t selling. Consider if stock that’s gathering dust should be written down or written off completely. As a business owner, you’re normally entitled to a tax break for obsolete inventory, as the closing value of stock on hand forms part of the venture’s assessable income.
3 Write off bad debts
This story is from the June 2023 edition of Money Magazine Australia.
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This story is from the June 2023 edition of Money Magazine Australia.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
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