YEAR END STRATEGIES

Superannuation

Closing stock can be valued at less than its cost /market selling value or replacement where it is obsolete or special circumstances exist.

Prepaying expenses is another option, just watch that you don't exceed the 12 month limit.

Becoming a Small Business Entity enables access to various write offs and accelerated depreciation. The election is made when lodging your income tax return.

HURRY, LAST DAYS!

Prior to 30 June 2009, you can make a concessional (deductible) contribution of up to $100,000, $50,000 if you are under 50, to an approved superannuation fund. After 30 June 2009, the maximum concessional contribution will be $50,000, $25,000 if you are under 50.

Should you exceed these caps, an  excess contributions tax assessment will issue and further tax will be levied on your contribution.