Write-Off Bad Debts
Review your Trade Debtors listing and write off all Bad Debts prior to 30 June. Prepare a minute of a Directors’ meeting, listing each Bad Debt, as evidence that these amounts were actually written off prior to year-end.
Small Business Concessions – Prepayments
‘Small Business Concession’ taxpayers can make prepayments (up to 12 months) on expenses (e.g. Loan Interest, Rent, subscriptions) before 30 June and obtain a full tax deduction in that financial year.