Australia Bookkeeping

What are the EOFY Tax-Saving Tips and Tricks?

• Ensure the wages for June are paid and credited into the employees’ bank accounts on or before 30th June.
• Ensure your Superannuation for the June Quarter gets paid by 30th June to qualify for a tax deduction. If not possible to estimate/determine the superannuation liability for June, pay Apr & May at least, which will act as a tax saver for you.
• If you have any KPI Bonus, Commission, Directors Fee, Incentives etc., that are payable relevant to the current financial year but could only be correctly computed and paid in the subsequent financial year, make a provision in the current financial year will also act as a tax saver.

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