The Peter Vickers Business Group was founded in 1979 by Peter Vickers – a core strength from day one was accounting. In order to satisfy the needs of our clients we have grown to provide a comprehensive range of financial services. We provide these services to a broad range of clients, across a diverse range of industries and professions, both in Australia and overseas.
There is some housekeeping that needs attentionbefore the end of the year.You can only write off plant and equipment if it has been disposed of or scrapped. So do not keep a broken machine in a corner, throw it in the bin and claim any written down value. The same applies to bad debts. You actually need to write them off your books (computer system). However this still does not stop you ringing or suing for your money.
There are three ways to value stock and one of these takes into account worthless stock. However it is easier to throw it out or sell it at a discount.
You do not need to pay your creditors in order to get a tax deduction in this year. You just need to have “incurred” the expense by 30th June. The onlyexception is superannuation contributions.These must be paid.The Taxation Office has stated that they want to see the money actually received by the fundbefore the 30th June. You just need to remember internet payments are not instantaneous so plan to do them a few days in advance. If you do not need the tax deduction the due date remains 28th July.
If your super fund is in pension phase then the minimum pension must be paid by the 30th June. Again the same warning about the member actually receiving it in their bank account also applies. The pension rule is satisfied by only one payment being made annually.
If you run a trust then the decision on which beneficiaries get the income must also be made before 30th June. This makes the beneficiaries “presently entitled” at year end.