Grange Business Partners

Bring Forward Expenses

Most individuals claim deductions on a “cash basis”. If you are aware of upcoming expenses and are able to pay them before 30 June 2015, you will be able to claim a deduction for these expenses in your 2015 tax return.  As with the above strategy, this strategy will be particularly effective for taxpayers who anticipate that they will have a higher taxable income in the 2015 financial year.

Expenses that you may be able to bring forward include many rental property deductions and pre-paying interest (subject to the terms of your finance agreement).  Small businesses looking at buying new equipment up to $20,000 will also be able to claim a deduction in the 2015 financial year (refer here for more information).

Grange Business Partners (C) 2016 All Rights Reserved.