Maximising Deductions for SBE Taxpayers: Prepayment Strategies
Date posted: Sunday, July 21, 2013
Continuing on from our last topic about maximising deductions for SBE (small business entity) taxpayers, we’ll now look at prepayment strategies.
So what does this mean for SBE taxpayers?
SBE taxpayers making prepayments before 1 July 2013 can choose to claim a full deduction in the year of payment where they cover a period of no more than 12 months (ending 1 July 2014). Otherwise, the prepayment rules are the same as for non-SBE taxpayers.
The kinds of expenses that may be prepaid include:
- Rent on business premises or equipment
- Lease payments on business items such as cars and office equipment
- Interest
- Business trips
- Training courses
- Business subscriptions
- Cleaning
Let the team at Pakenham Taxation + Accounting make life a little easier by helping you with all your end of financial year needs. Call the team on (03) 5940 1836 and make a booking today.
