Below are few helpful tips to tidy up your loose ends before the new year tax begins.

Bad Debts 

In order to claim a deduction for bad debts, the amount must be written off from the accounts receivable ledger before year end. Always review your debtors. If you have tried to recover the cost of the debt, it's possible you may be able to write off the bad debt and claim a deduction.

Fixed Assets

Do you have assets that you are no longer using or don't intend to use in future? Be sure to review your fixed assets to see if they can be written off.

Maintenance & Repairs

If you are planning on carrying out any significant maintenance or repairs, bring this forward to get an early tax deduction.

Prepaid expenses

Some expenses can be prepaid, written off for financial reporting purposes and claimed as a deduction only when paid. Other expenses however, can be prepaid and at the same time claimed as a tax deduction (e.g. stationery, magazine subscriptions, rates).

Stocktake 

You need to know precisely how much stock you are carrying at the end of the financial year. If it's less than $10,000 and your turnover is less than $1.3m for the year, you will not need to include your stock movement for tax purposes. Identify and write-off or write-down any unsalable or damaged goods, as there's no point in paying tax on useless stock.