ATCAT Financial June 2015 Business Tax Strategies TEL. 9588 1184 ABN. 64 823 831 106 EMAIL. [email protected] Accountants ` Property FAX. 9588 1753 143B Como Pde East Parkdale Vic Business Self Superannuation www.atcatfinancial.com.au P.O. Box 2096 Parkdale Vic 3195 Wealth Protection Tax Depreciation Don’t forget to Log onto our web site for regular updates & information including reporting Calendar - www.atcatfinancial.com.au Year-end tax planning strategies for ongoing businesses For the 2015 income year, ongoing businesses should be encouraged to adopt one more traditional tax planning strategies by 30 June 2015 , including the following : Where a business taxpayer is a Small Business Entity ('SBE') turnover less than $2 Million .Claim immediate write - off where general SBE pool balance as at 30 June is less than $ 20,000 where assets are allocated to a 'low - value pool ' ( LVP ) or buy an item of equipment or motor vehicle up to $20,000 each excl gst – again you can write this off in the year of purchase - valid to 2017 - Claim an immediate write - off where the LVP balance as at 30 June 2014 is less than $20,000. .Claim outright deduction for prepayments of business expenses that satisfy the '12 month rule'. 3. Prepay certain business expenses ( e. g ., lease of business assets ) 4.Claim stock losses using trading stock rules Revalue any trading stock of the business at the lowest possible value. 5.Claim accrued expenses Claim any deductible expenses incurred ,but not paid by 30 June 2015 6.Write - off bad debts write - off any genuinely bad customer debts. 7.Consider entering into a sale & leaseback arrangement For businesses that are "asset - rich ", consider entering into a sale and leaseback arrangement to improve cash flow . All other business taxpayers ( i .e ., non -SBEs ) with turnover over $2 Million pa .If assets are not allocated to a 'low - value pool ' ( 'LVP') - Claim immediate write - off for depreciating assets costing less than $ 100 (GST - exclusive, if applicable ) and claim depreciation based on effective life for assets costing $ 1,000 or more. . where assets are allocated to a 'low - value pool ' ( LVP )- Claim an immediate write - off where the LVP balance as at 30 June 2015 is less than $1,000. 2. Maximise depreciation deductions for existing assets ( i . e .,assets held before 1 July 2015 ) We would like to thank you for your custom and look forward to continue servicing your financial and taxation needs, Tony , Gina & Goldie The Atcat Financial Team .