{"id":354,"date":"2008-06-01T11:16:03","date_gmt":"2008-06-01T01:16:03","guid":{"rendered":"http:\/\/wordconstructions.com.au\/blog\/?p=354"},"modified":"2011-05-30T21:22:40","modified_gmt":"2011-05-30T11:22:40","slug":"preparing-for-30-june","status":"publish","type":"post","link":"https:\/\/wordconstructions.com.au\/blog\/2008\/06\/preparing-for-30-june\/","title":{"rendered":"Preparing for 30 June&#8230;"},"content":{"rendered":"<p>It is now June and the end of financial year is rapidly approaching &#8211; are you ready for it?<\/p>\n<p>Here are some of the things I am considering at the moment to maximise my position at 30 June. Is there anything else you do at this time of year?<\/p>\n<ul>\n<li>send out all pending invoices and statements as soon as possible &#8211; not only does it increase your cash flow this month, many other businesses will appreciate being able to pay (and claim a tax deduction) this financial year<\/li>\n<li>pay off all outstanding invoices if possible &#8211; you may as well claim deductions now rather than in 13 months time! And the new tax rates may mean deductions this year will help your tax position anyway<\/li>\n<li>consider making a contribution to your super fund &#8211; this is tax deductible for the self-employed now<\/li>\n<li>if you or your <a href=\"http:\/\/wordconstructions.com.au\/blog\/2008\/01\/charity\/\" target=\"_blank\">business supports a charity<\/a>\u00a0and you haven&#8217;t made a donation yet, now is a good time to do so as it can then count as a tax deduction this financial year &#8211; I wonder how much their donations go up in June each year!<\/li>\n<li>if you are eligible for a Government Co-contribution, your personal contributions of up to $1,000 must be made to your super fund by 30 June\u00a0 &#8211; and changes from the budget or an increased income next year may mean you aren&#8217;t eligible next year so get in while you can!<\/li>\n<li>consider making business purchases that will be needed soon. Not only can you claim it as a tax deduction, it may save you stress when you do actually need the item &#8211; printers notoriously run out of ink the day your proposal is due!<\/li>\n<li>get your accounts sorted and in order &#8211; the more organised they are, the quicker you (or your accountant\/tax agent) can get the return completed and submitted<\/li>\n<li>collate related information, such as a travel log or noting the distances travelled, home office bills, private health insurance policy details, bank statements and PAYG statements<\/li>\n<li>if you run a service business, check the proportion of income from each client as tax rules can change if more than 80% of your income is from one source. There&#8217;s not a lot of time to adjust that, but if you&#8217;re on 81 or 82% a few quick projects may make a difference<\/li>\n<li>consider taking out health insurance if you are a higher income earner ($50,000 for a single or $100,00 for a couple\/family) &#8211; the higher income brackets come into effect from 1 July 2008<\/li>\n<li>check if there are any expenses you can (and will benefit from)\u00a0pay now rather than later in the year &#8211; for example, insurance premiums and interest on investment loans can be paid in advance to be claimed as a tax deduction now, and are sometimes cheaper paid as a lump sum. Obviously, this affects cash flow and other factors so is not always the best plan, but it never hurts to research your options!<\/li>\n<\/ul>\n<p>By preparing now, you may decrease your tax liability and be ready to start the new financial year with a clean slate.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>It is now June and the end of financial year is rapidly approaching &#8211; are you ready for it? Here are some of the things I am considering at the moment to maximise my position at 30 June. Is there anything else you do at this time of year? send out all pending invoices and [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[53,60],"tags":[343,346,344,342,345,142,350,349,347,348],"class_list":["post-354","post","type-post","status-publish","format-standard","hentry","category-business-info-tools","category-writing","tag-30-june","tag-accounts","tag-financial","tag-financial-year","tag-invoices","tag-prepare","tag-records","tag-super","tag-tax","tag-tax-deductions"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/wordconstructions.com.au\/blog\/wp-json\/wp\/v2\/posts\/354","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/wordconstructions.com.au\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wordconstructions.com.au\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wordconstructions.com.au\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/wordconstructions.com.au\/blog\/wp-json\/wp\/v2\/comments?post=354"}],"version-history":[{"count":2,"href":"https:\/\/wordconstructions.com.au\/blog\/wp-json\/wp\/v2\/posts\/354\/revisions"}],"predecessor-version":[{"id":2149,"href":"https:\/\/wordconstructions.com.au\/blog\/wp-json\/wp\/v2\/posts\/354\/revisions\/2149"}],"wp:attachment":[{"href":"https:\/\/wordconstructions.com.au\/blog\/wp-json\/wp\/v2\/media?parent=354"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wordconstructions.com.au\/blog\/wp-json\/wp\/v2\/categories?post=354"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wordconstructions.com.au\/blog\/wp-json\/wp\/v2\/tags?post=354"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}