Clear out the old: New Year housekeeping

Ok, no one likes housekeeping. But for business, July is the month you need to make sure you have properly closed off the last year and can start the New Year the right way. Here is the essential checklist to prevent last year overflowing into this year: –...

1 July – What now?

The 2% debt tax is in and the carbon tax is out. We look at some of the highlights for the new financial year. The push for changeThe Senate composition changed on 1 July and with it, the Government’s opportunity to push through its reform agenda. The...

Last minute ways to minimise your tax

1. Write-off bad debts. To be a bad debt, you need to have brought the income to account as assessable income, and given up all attempts to recover the debt. It needs to be written off your debtors’ ledger by 30 June. If you don’t maintain a debtors’ ledger, a...