I am a thirty something married gay boy living in Sydney, almost on top of the gay scene but not in it!
Why Sometimes blue?, because I love blue, but also I am sometimes blue :)
End of Financial Year Madness
In Australia it is the end of the Financial Year which means all the accounting needs to be done and the accounts all brought up to order.
In addition it means that anything that needs to be purchased needs to be done now so it reduces the taxable income.
I have been madly paying all the bills and making all the small purchases that need to be done for the office.
I also have to pay the staff super and other benefits as well, and I hate seeing all that cash flow go off, but hey the company earns it and the company spends it.
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5 Comments:
You don't need to make physical payments to get a deduction for most things (except for super contributions). As long as you have definitively committed to the expense, it is generally "incurred" and is deductible. :)
You do if you run a cash accounting system, if it's accrual you can claim on things, but you also account for invoices outstanding and in my case a cash accounting system works in my favor
That's actually only true for GST but not so much for income tax, the Simplified Accounting System rules have changed, which means a strict cash basis is not required. By default, income tax provide tax deductions on the basis of "incurred". :)
does that still refer to business tax, I was always told that my business tax only refers to watch I actually earn or spent in cash (or cash equivalent) for the financial year...
how weird to be having this discussion on my blog LOL
Yep. What I said applies to business tax. Have a chat with your accountant. :)
And yes, it is very very weird to be discussing this on your blog. LOL.
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