(02) 6554 8311

2016 Tax Tips

In the lead up to the end of the financial year there are a few things you can do to ensure you are minimising your tax bill:

  • If you are a small business entity, you can prepay certain expenses and receive an immediate deduction in this financial year, examples include insurance and rent.
  • If you have been thinking about upgrading your vehicle or other plant and equipment, now is the time to do it. If you are a small business entity you can purchase assets up to $19,999 (GST Exclusive) and receive an immediate deduction (rather than having to claim the purchase over multiple years). We recommend you check with us to what is included and excluded from these rules.
  • Bring forward deductible expenses, such as repairs.
  • If you have any debtors/receivables that you will be unable to collect you should write them off and receive a tax deduction
  • You should review your asset register (a current copy should be included with your most recent financials and tax return) and identify any assets which are no longer in your possession or have broken as you can receive a tax deduction for the written down value.
  • Each year you can make concessional contributions to your superfund through your business and receive a tax deduction. However, it's important to check what contributions you have already made to ensure you are not going over your concessional contributions cap ($30,000 if you are 48 or younger and $35,000 if you are 49 years or older) for the 2016 Financial Year.
  • Conduct a proper and thorough stocktake to ensure you are not including any old or obsolete stock which could be written off. Remember there are three options to value stock: cost, replacement and market. If you are unsure which is appropriate for you please contact us on (02) 6554 8311.
  • Pay your employees super prior to 30 June for a tax deduction this year.

The above constitutes general advice, if you would like to discuss your specific circumstances please contact our office on (02) 6554 8311.

Please also note that the above is based upon our understanding of the relevant legislation, case law, and Australian Taxation Office Rulings as they exist at today's date and how these apply to the circumstances of the existing and proposed transactions as provided by you.  Future legislative amendment and/or judicial interpretation have not, nor cannot, be anticipated and may materially alter the conclusions provided herein

What our clients say...

  • I first met Alex from Beaver Novello Moss just before I started my podiatry practice, approx. five years ago. With little business management experience, Alex provided much valued guidance throughout the formative years and as the business has continued to grow to help me reach my financial goals.

    I have always been extremely impressed with Alex's professionalism, enthusiasm, knowledge and personal approach.

    Joe Crowther

  • Beaver Novello Moss have been my accountants for the past 30 years.

    In this time I have had several businesses.

    Over the years I have needed lots of advice and Beaver Novello Moss are always there when I need them.

    Anytime I need something done , its only a phonecall to them and it gets sorted quickly.

    The whole team is very professional and nothing is ever a problem.

    They help with crucial decisions on managing my business to get the best financial results.

    Paul Nixon
    Director Forster Cycles
    Forster NSW

  • We were put onto BNM by a close mutual friend who had used their services for years.

    At the time our business was just a two man team with a rather mediocre turnover

    Our previous accountant didn't ever give us the feeling he wanted to grow with us even though we had expressed our intentions to grow the business in a very clear way.

    Although changing accountants felt a little daunting at the time, we bit the bullet and made the change... And what a fantastic decision that was...

    Joel Knott/Damian Quain
    Directors Automotive Hail Repairs
    Sydney NSW

  • I have been a client of BNM for the past 30 years, both on a personal & business level.

    BNM has been responsible for all aspects of accounting and tax for several Companies I am involved with as well as my superfund.

    Strategic business and tax planning has added significantly to my bottom line.

    Over the years I have found Alex & the team to be very reliable & efficient. They provide good advice, at times with very short notice, which can be critical to future outcomes...

    Ross Andrews
    Forster NSW

  • Today in business you have to have an accountant. We are just lucky to have the best one. We have been in business for over 35years and are nearing the end of our working career. This has only been made possible by the strong steerage of Beaver Novello Moss in our earlier years of work and without whose help we would now be floundering about, trying to work out how we would ever be able to afford to retire.

    Howard Day
    Forster Eyecare

  • I have been a client of BNM for over 7 years now and I wouldn't have it any other way. Alex Novello helped me when I launched my first online business back in 2007 and has since helped me take it from strength to strength over the years.

    Let's face it, no-one likes dealing with the ATO, but BNM do!!! They get things dealt with quickly and easily. They take care of it all and in what seems like minutes and for a fraction of the cost that I would lose in billable time if I did it myself!

    Lisa Rigoni
    Picnic Point NSW
    Director Rigoni Australia

  • I have been a client of Beaver Novello Moss for over 11 years and they have been a key advisor to my businesses and an essential member of my team in business development.

    Most importantly, always being there in the tough times with a thorough knowledge of the business. eg steering a successful ATO audit, supporting me through the death of my partner and planning for the future needs of myself and my children.

    Sharyn Cox
    Possum Brush NSW
    Company Director Clarendon Farm Pty Ltd and Clarendon Management Pty Ltd

  • Hi Grant

    Just want to thank you for the interest you show and the quality advice I constantly receive. I have just realised that it is now over ten years since you were first recommended to me.

    I count myself fortunate to have found such trustworthy help!

    I just want you to know your integrity and genuineness is greatly appreciated.

    Wes Schwarze
    Bonny Hills

  • Beaver Novello Moss have been handling my accounting and tax needs for over 25 years. During that period of time I have found them to be reliable, professional and very up to date with the ever changing and complex Australian and Superannuation systems.

    Their guidance and advice on all things financial has proved to be invaluable. I can rest easy knowing my taxation and superannuation obligations are being handled by a group of professionals who give friendly and personal service.

    Max Keech
    Tuncurry Auto Spares

Read more testimonials