It can be challenging coming up to 31 March, to consider all the factors which may have an impact on your tax position. One of the most important parts of your end of year preparation is to do with your Assets. 

Remember Source Documents

Remember to keep proof of purchase for any assets purchased during the year as your Accountant will need a copy of these when preparing your Accounts. It can be difficult to remember all the assets you might have purchased during the course of the year. A good idea is to check your Accounting software or run your eye over your bank statements to double check for any purchases made. 

Assets purchased below the value of $1,000 can be written off immediately (in most cases).

Consider asset write-offs and sales

Another useful tip at year end is to take a look over your depreciation schedule from the previous set of Accounts. Review your fixed assets and identify/highlight any that can be written off.

Make sure assets purchased or sold as part of a sale/purchase agreement align with the purchase price allocation in the relevant agreement.