SIX TOP TAX TIPS FOR BUSINESSES FROM KERRY PACKERS' ACCOUNTANT
Announcement posted by Markson Sparks! 19 Jun 2024
# ALARMING NUMBER OF AUSTRALIAN BUSINESS ARE FAILING
# ALLAN MASON'S UPDATED CULT BEST SELLER FULL OF 2024/25 TAX TIPS
# INTERVIEW TAX GURU ALLAN MASON AHEAD OF EOFY 2024
Kerry Packer's former accountant Allan Mason has released a number of tax tips for businesses in this year's edition of his cult classic, 'Tax Secrets of the Rich 2024-25' and in it, he outlines important deductions for small businesses to ensure they optimise tax concessions available to them.
Mason says, "With ASIC having released its' latest insolvency data for the nine-month period from 1 July 2023 to 31 March 2024, this has shown an alarming increase in the number of Australian companies failing. It has never been more important to bolster your business' trajectory for the year ahead, than now."
According to ASIC data, 7,742 companies entered external administration, a 36.2% increase on the previous corresponding nine-month period ending 31 March 2023. Many of these failures are due to large tax debts. Don't be a victim of the tax system.
TOP TAX TIPS FOR BUSINESSES FROM ALLAN MASON:
- Capital items such as equipment up to $20,000 - your business may qualify for 100% write-off.
- Superannuation for employees - this is 100% tax deductible if paid by the end of the financial year.
- Bad debt write-off - if owed money and no likelihood of recovery, write off the debt before 30 June.
- Closing stock and stock write-off - write off obsolete stock by 30 June according to its retail value. Also be aware that closing stock can be valued under three methods. Chose the one that is most tax advantageous.
- Prepayments - these can be made 12 months in advance for costs like office rent, prepay a full year and get a tax deduction EOFY 2024
- Business expenses are all tax deductible - this includes purchases, wages, training etc. Keep an accurate log throughout the year. If possible, make this purchase in this financial year, rather than next year.
According to Mason, nearly 20% of taxpayers underclaim their deductions because of poor record keeping.
"As a business owner or salary earner, claim ever cent you are entitled to claim, and the important thing is to plan. Do some figures now and work out what your likely tax will be. Then act accordingly to minimise it as much as possible. It may even mean catching up on any unused, prior-year personal superannuation caps,' he said.
"To paraphrase Kerry Packer, the money is better in your pocket than the government's. After all, the government doesn't spend your money that wisely to justify you donating more."
Allan Mason has over 40 years of tax and accounting knowledge that has assisted his many thousands of corporate and private clients including some of Australia's wealthiest individuals like Kerry Packer at the height of his wealth.
Published by Harper Collins, TAX SECRETS OF THE RICH 2024-5 by Allan Mason is available nationally at bookstores across Australia and online from just $29.95 and comes with all the truth nuggets the ATO does not want you to know!
Get your copy here: Tax Secrets of the Rich 2024_25 by Allan Mason
For more information, visit: www.allanmason.com.au
To interview Allan Mason & receive a copy of the book, email marta@marksonsparks.com or call Marta Wiacek on 0409 291 785, or email max@marksonsparks.com or call Max Markson on 0412 501 601.
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