1. Physically pay as much of your employees superannuation as possible prior to 30 June 2017. NOTE: the fund must receive it prior to 30 June 2017. Super stream payments need to be made no later than 25 June 2017 to ensure the fund receives contribution before 30 June 2017. Per our above article, if you use Xero, your superannuation batches need to be submitted no later than 1pm Monday 26 June to reach the fund by 30 June.
2. If you are going to pay any bonuses to employees either physically pay it to them before 30 June 2017 or commit to the amount of bonus to be paid prior to 30 June 2017 and ensure payment is made in July. NOTE: the bonus needs to be included on the employees PAYG Summary in the year that it is paid to them. No superannuation is payable on the bonus.
3. If possible, defer income to the next financial year.
4. Review your debtors and write off any debts that are genuinely bad debts before 30 June 2017. NOTE: you can’t write off debts that are only doubtful.
5. Repair any existing assets prior to 30 June 2017.
6. Purchase any consumable items that you may require over the next few months prior to 30 June 2017. This will include both office and job.
7. Bring forward any other expenses into the 2017 year where possible. ie prepay expenses.
8. Ensure the maximum amount of superannuation is physically paid before 30 June 2017 for business owners. This is $30,000 for the year for anyone under the age of 50 and $35,000 for the year for anyone over the age of 50. NOTE: that if you are over 65 years old but less than 70 years old, you need to have worked at least 40 hours in a period of not more than 30 consecutive days in the financial year.
9. Replace or buy any assets prior to 30 June 2017. Assets < $20,000 can be written off in full and any other assets are depreciated at 15% in the first year. NOTE: the asset can be new or second hand.