As the 2019/20 financial year draws to a close you may be starting to think about your tax return.

Here’s the first 5 of 20 tax saving tips as we head toward the end of the financial year:

1. Pre-pay your expenses

Pre-pay some of your expenses for the coming financial year while you’re still in this financial year. This can be things like your rent, insurance, and subscriptions to any professional associations. Up to 12 months of the coming year’s expenses can be deducted in the current tax year.

2. Take advantage of the $150,000 instant asset write-off

This enables you to immediately deduct the business assets you purchase from your assessable tax, both new and used.

3. Review your invoicing

Review your invoicing for the current tax year and postpone some of them until the following year, if appropriate.

4. Contribute to your super

Top up your voluntary superannuation contributions. Remember, you can contribute up to $25,000 in deductible super contributions each year.

5. Review your debtors

Review your debtors and write off any unrecoverable debts. These debts will come off your income in the year in which you write them off, regardless of the year you invoiced them.