Welcome to Gordon Mendes Accounting & Business Services newsletters.

In this issue:

• Year-end tax tips for business
• Did you know?
• Kokoda Challenge Update

Year-end tax tips for business

June is your last chance to accelerate your tax deductions and boost your tax savings. Here are our top tax tips for business:

Accelerate your deductions

• If you are a small business and want to claim the 50% Investment Allowance this year for a business invesment you have made, you need to have the item installed ready for use in your business by 30 June.
• If cash flow allows, pay by 30 June for repairs, consumables such as office stationery, trade gifts, subscriptions and donations and claim the tax deduction this year. There are special rules for small businesses that gives them access to higher immediate deductions for prepayments and depreciable assets so take advantage of what is available to you.
• Pay June quarter employee super contributions if you want to claim a tax deduction in the current year.
• Declare any Directors' fees and bonuses before June 30 and providing the company is absolutely committed to them, you are entitled to the deduction even if they have not been paid.

Write off what you don't need

• Write off bad debts. If you've made every attemp to collect the money and failed, write it off in your debtor's ledger.
• Write off trading stock that is damaged or obsolete.
• Review your asset register and scrap any obsolete plant and equipment sitting on your depreciation schedule.

Manage the administration

• Help neutralise any capital gains you made during the year by realising any capital losses.
• Where you are operating a discretionary trust, the trustee should resolve how the income of the trust will be distributed and minute the decision.
• Where management fees are being charged between related entities, make sure that the charges have been raised by June 30.

Call us for assistance on how to make the most of pre 30 June tax planning.

Did you know?

Owning your business premises through your Self Managed Superannuation Fund is a common strategy for many business owners. But have you ever thought about what would happen if one of the fund members died? In many cases the fund would have to sell the business premises as few have the money available within the fund to pay out the deceased member's estate for their share of the business premises held in the super fund. And, this all has to happen within a relatively short time frame to meet SIS requirements relating to death benefit payments.

But did you know your fund can insure against this very scenario? Putting the right insurance policy in place can protect you, your business and the other members of the fund. Insurance provides protection from being forced to sell the fund's assets (particularly at a low point in the market).

Not all insurance policies are the same and you will need financial and tax planning advice to produce the right result.

Talk to us today if you would like to learn more.

Kokoda Challenge Update

The Kokoda Challenge is fast approaching with the 96km hike taking place on the 18th and 19th July. Our team is now full swing into preparation and traning and have increased their regular hikes and hill climbs each Sunday up to 20km. The teams stamina and sense of humour has been tested on numerous occasions including one particular night hike in the Gold Coast Hinterland during torrential rains and flooding. Angie in particular thought it was hilarious when the bridge was flooded and the road was closed as they sat in the car cold, wet and unable to get home. By this time it was well after midnight.

We are pleased to note that our fundraising for the Kokoda Challenge Youth Program is going well with our current tally at $3,259.47 making our team the third highest fundraiser to date. We still have some way to go before we reach our $5,000 target however we can report that our fundraising garage sale and sausage sizzles have been great sucesses and you'll again be able to find us at Jimboomba Woolworths this Saturday, 20 June cooking up snags for the local community. Feel free to come along and say hello and help us support this great cause.

Funds raised contribute to the Kokoda Challenge Youth Program (KCYP). The KCYP is a program that has been developed to help young Australians who are at a crossroad and require an opportunity to realise their full potential.

We would also like to make a special thank you to all our corporate sponsors:

• Brisbane Proton
• GMR Security Services
• Cut Sew n Go
• Worrells Solvency & Forensic Accountants
• Heritage Building Society - Orion Springfield
• Queensland Country Credit Union - Jimboomba
• Neuvo Technology
• CMK Financial Solutions

If you are interested in knowing more about the Kokoda Challenge or would like to sponsor our team please click on the below link to view our team profile  Gordon Mendes Team Profile  or simply give us a call on 07 3470 1111.