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Tax Planning – Review your Fixed Asset Register; Stock Ledger; Debtors Ledger.
These three asset categories all can affect your profit and loss and therefore your taxable income.
You should review your Fixed Asset Register to see if there are any assets that you no longer have or are obsolete as these can be written off.
Your Stock Ledger should also be reviewed for any items that are obsolete or damaged as this will reduce your stock on hand at 30 June and reduce your profit.
Your Debtors Ledger (Receivables) is a list of all the clients / customers that owe you money. Any amounts that you will not be able to collect or you will have to be discount will reduce your debtors and your profit.
If you would like to discuss further please contact us:
McNamara & Company - Chartered Accountants, located minutes from the Melbourne CBD
Phone +61 3 9428 1062
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