- Fixed assets
Review fixed assets useful life and determine if there are any benefits in scrapping or trading in assets.
- Write off obsolete inventory
The year end stock-take should involve a review of all inventory. Obsolete stock may be scrapped or valued below cost subject to specific guidelines.
- Small business CGT concessions
Individuals operating a small business may be eligible for Capital Gains Tax concessions on the sale of business assets.
- Capital expenditure vs repairs
Review all spending during the year to determine if all items are deductible or if they are capital by nature and need to be depreciated
- ATO benchmarking
Benchmarks for specific industries have been developed by the ATO to identify taxpayers who report income or expenses different to similar businesses.
- Super guarantee changes
From 1 July 2013 the super guarantee rate is going up to 9.25 per cent and the upper age limit of 70 years has been removed.
- Instant asset write-off
Small businesses can claim an instant asset-write-off or a depreciating asset that cost up to $6,500.
- Bad debts
Write off bad debts before year end. It must be bad, not merely doubtful and must have been previously included as assessable income.
- Review unpaid expenses
Businesses who are falling behind in their rent and their expenses that work on an accruals basis may claim the arrears amount as a tax deduction.