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Save tax - pre-payments

For individuals and small businesses, prepayments can be claimed in full provided the period covered by the prepayment does not exceed 12 months and concludes before the end of the financial year.

Generate Cash Flow - reduce expenses

At the very least it will keep your supplier on their toes and will provide further information to make better purchasing decisions reducing total costs. Keywords: Next Article.

Save Tax - personal use assets

These are assets (other than collectables) kept primarily for your personal use and enjoyment. If acquired for $10,000 (excluding GST) or less, any capital gain is exempt. Capital losses from disposal of personal use assets cannot be claimed.

Save Tax - wash sales

It is general in nature, for guidance only and is not intended to be personal advice. It should not be relied upon without obtaining professional advice regarding your direct circumstances.

Save Tax: relocation costs

This includes incidental purchase costs including legal and stamp duty for the purchase of a new dwelling by the employee and selling costs for the sale of an existing dwelling.

Default assessment letters

In addition, tax payers might incur failure to lodge penalties and also administrative penalties that could be 75% of the tax liability. WTB 1724. Keywords: Next Article. Disclaimer: We believe this information to be correct at the time of publication.

FBT - reimbursements

In these circumstances, does the employer have to register as a fringe benefit provider and lodge a FBT return each year? Answer: No. Such arrangements are quite common, particularly for related parties who are employees. Keywords: Next Article.


Do I have to pay workers’ compensation and superannuation on this amount? Answer: Yes. Workers’ compensation premiums are calculated on wages including most allowances, bonuses, commissions, etc.

Generate Cash Flow - reducing PAYG instalments

Complete items T3 and T4 on your activity statement. You may even be able to get a refund of PAYG instalments paid earlier in the income year. Keywords: Next Article. Disclaimer: We believe this information to be correct at the time of publication.

Save Tax: Obsolete and unsaleable stock

Save Tax: Obsolete and unsaleable stock. If you have obsolete stock you may elect to value those items at lower figures if that is warranted because of obsolescence or any other special circumstances relating to each item.