Maximising deductions
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Business taxpayers
- Debtors should be reviewed prior to 30 June so that any bad debts can be identified and written-off.
- A deduction may be available on the disposal of a depreciating asset if a taxpayer stops using it and expects never to use it again. Therefore, asset registers may need to be reviewed for any assets that fit this category.
- Review trading stock for obsolete stock for which a deduction is available.
- Outgoings incurred for managed investment schemes may be deductible.
- Assets costing $300 or less may qualify for an immediate deduction, subject to certain conditions.
- A deduction for personal superannuation contributions is available where the 10% rule is satisfied.
Non-business taxpayers
- Outgoings incurred for managed investment schemes may be deductible.
- Assets costing $300 or less may qualify for an immediate deduction, subject to certain conditions.
- A deduction for personal superannuation contributions is available where the 10% rule is satisfied.
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