MUST READ: TOP TIPS TO SAVE ON TAX
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Countdown to EOFY
Holy moly - it's nearly the end of the financial year and we're on the slippery slope to Christmas! Time really is flying by and we're reminded of the saying, 'If not now, then when?'.

With the frantic pace of the busy lives we lead, it's easy to put off doing the things we know we should. Things like reviewing our insurance, super, budgets and tax. You mean to get around to it, but before you know it, another 6-12 months speeds by.

We're focused on helping you achieve your financial goals, so this is just a gentle reminder to move these things up higher on your list of things to do and come and see us to get it sorted for you. We'll take care of it so you can get back to what you enjoy doing. Have a great month!
Sciacca's News

TOP TIPS TO SAVE ON TAX

With June 30 just around the corner, now’s the time to look at the best ways you can save on tax.

Planning can significantly reduce any tax liability you may have, but leaving it until the last minute – or worse, not giving it any thought at all – can be very costly.

The last day of the financial year, June 30, falls on a Monday this year, so make sure you have everything sorted by Friday June 28 to allow transactions to be processed by June 30.

Here are five other potential steps to trim your tax.

1. DELAY INCOME/ BRING FORWARD EXPENSES

Where possible, and cashflow permitting, defer income until next financial year by holding off invoicing until after June 30. 

2. PREPAY COSTS

Prepaying expenses that relate to a period no longer than 12 months out can boost your deductions for professional subscriptions, business travel, insurances and loan interest.

3. REVIEW DEBTORS AND TRADING STOCK

Writing off any bad debts by June 30 also lets you claim a refund of GST paid on the sale of these debts. Take a look at stock as you could generate a tax deduction here too.

4. NEW ASSET PURCHASES

Things have changed quite a bit from last year so be sure to speak to John before making a major business purchase ahead of June 30.

5. BOOST YOUR SUPER

Adding to your super can mean saving on tax with a deduction for pre-tax super contributions – up to $25,000 annually if you’re aged 59 and under and up to $35,000 if you’re aged 60-plus. 

If your employees are yet to nominate their preferred super fund, you’ll need to make their super contributions to a fund that offers a ‘MySuper’ product.

If you have any questions, please get in touch.

Call 07 3357 5553
john@sciaccagroup.com.au
235 Stafford Road, Stafford 4053
PO Box 1570, Stafford 4053
www.sciaccagroup.com.au
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12 May Q3 activity statements due electronically

15 May 2013 income tax returns due

21 May 2014 FBT return due

21 May April 2014 monthly activity statements due

More key dates...
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Sciacca's Financial Services is an Authorised Representative of Count. 'Count' and Count Wealth Accountants® are trading names of Count Financial Limited, ABN 19 001 974 625 AFSL 227232 ("Count") a wholly-owned, non-guaranteed subsidiary of Commonwealth Bank of Australia ABN 48 123 123 124.
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