Year End Checklist
When it comes to the end of the financial year, you need to consider a few key factors. Here are some of the most important ones:
Fixed Assets - Do you have assets that you are no longer using or don’t intend to use in future? Be sure to review your fixed assets to see if they can be written off.
Maintenance & Repairs - If you are planning on carrying out any significant maintenance or repairs, bring this forward to get an early tax deduction.
Bad Debts - Always review your debtors. If you have tried to recover the cost of the debt, it’s possible you may be able to write it off. If so, you may be able to claim a deduction.
Stocktake - You need to know exactly how much stock you are carrying at the end of the year. If it’s less than $10,000 worth and your turnover is less than $1.3m for the year, you won’t need to include your stock movement for tax purposes. Identify and write-off or write-down any unsalable or damaged items, as there’s no point in paying tax on useless stock.