Newsletter
May 2013 Newsletter
Maximising deductions
Business taxpayers
• Debtors should be reviewed prior to 30 June to identify and to write off any bad debts.
• A deduction may be available on the disposal of a depreciating asset if a taxpayer stops using it and expects never to use it again. Therefore, asset registers may need to be reviewed for any assets that fit this category.
• Review trading stock for obsolete stock for which a deduction is available.
Non-business taxpayers
• A deduction a for personal superannuation contribution is available where the 10% rule is satisfied.
• Assets costing $300 or less may qualify for an immediate deduction, subject to certain conditions.
• Outgoings incurred for managed investment schemes may be deductible.