Year-end action items to review and undertake by 30 June:

• Consider prepaying any expenses prior to 30 June such as professional memberships, subscriptions or even donations to bring forward your deduction.
• Consider maximising your concessional superannuation contribution limit of $27,500. Ensure payments are paid in advance of 30 June to give your super fund time to process them.
• Ensure your motor vehicle logbook is current. Costs such as fuel, repairs and insurances are claimable based up to your relevant business use percentage.
• Have you purchased any assets during the year? Best to get this information together now whilst it is readily available. With temporary full expensing measures being extended to 30 June 2023 there may be some significant deductions here.
• Ensure staff salaries and superannuation are paid and reconciled for the tax year, employee superannuation must be paid before 30 June 2022 if you wish to claim a deduction.
• Review expenses to ensure explanations are clear, especially around items such as entertainment, staff training and repairs.
• If you rent out premises, review rental agreements and ensure that any annual rent reviews have occurred.
• Note that Single Tough Payroll (STP) finalisation needs to be completed prior to 14 July 2022.
• Ensure service fees payable to related parties are paid in full by 30 June.
• Print a snapshot from internet banking on 30 June showing all business bank account balances and send this to us for your files
• Reconcile all balance sheet items as at 30 June
• Ensure salaries are paid for any administration support provided by related parties
• Review receivables (if applicable) for any bad debts to write-off
• Review depreciation schedule for obsolete plant and equipment
• If your SMSF is in pension phase, ensure the required minimum pension has been withdrawn.

Please call us on 9279 4376 if you would like to discuss your specific circumstances and optimal year-end actions.