I've said it 43,726 times (give or take).  Don't be complacent about your tax affairs, the end of the financial year is only 3.5 months away.

There are two reasons for me sounding like your mother and harping on this:

- Plan to achieve the best tax outcome, and

- Present the business financials in the best possible way.

These are not exactly complimentary though.

You should have the 'best' financials if you want to borrow (preferably for two years) or you decide to sell the business (preferably three years).  You also have real figures for the business and can make plans and set benchmarks and milestones for the next year, by months and quarters.

If these are not relevant for you for a couple of years yet, saving some tax may well be.  It is now an ideal time to prepare to save tax.  These are some areas to consider:

Sales

- Will you receive deposits before June but not deliver until after 30 June?  These are not taxable until the goods are supplied.

- Review Accounts Receivable and write off by 30 June any debts not able to be recovered.

Expenses

- Consider purchasing, waste and value of stocks at year end.

- Review expenses for possible savings, and plan to pay by 30 June staff super, insurances, needed repairs, loan interest, prepay for business travel or seminars, etc.

Plant and Equipment

- Any equipment to be scrapped?  It must be disposed of by 30 June.

- Any new equipment or vehicles needed?  Remember, items costing less than $22,000 inclusive of GST can be claimed as an outright deduction this year.

Superannuation

- Super is deductible on an age basis; up to $30,000 for those under 49 on 1/07/15 and $35,000 if over 49 on that date.

- Super must be received in the Fund by 30 June.

Grants

- Some grants are available for taking on and training staff, so if you need more people, this could be helpful.

- Export Market Development Grant

If you are looking to export, the EMDG reimburses up to 50% of the cost of marketing (not selling though) your product, for travel, samples, trade fairs, advertising and PR, communications.  Applications open on 1 July and must be lodged by 30/11/16.

R & D Tax Incentive

This is a refund of 45% of the cost of development or improving productivity and generating new knowledge in the form of new or improved materials, products, devices, processes or services.  There are conditions, like the keeping of records for R&D, trusts cannot apply, the minimum expenditure for a first claim is $20,000, and the documentation of experimental activities.

Don't just crunch out numbers to do the BAS; use them for improvement and planning.  It's not too late to make a positive difference to profit and tax for this year, so see this as an opportunity to plan and be rewarded.