Home topics finance finance-cash-flow Cashflow Hot Tips News Cashflow Top tips for business end of financial year tax returns Natalie Tsirimokos May 5, 2011 Business owners often find themselves drowning in paperwork and tax time just adds to the burden. There’s always so much to consider including what you’re eligible to claim and ways to maximise your business’ end of year profits. In light of Project Wickenby’s recent crackdown on tax evasion and fraud, leading Chartered Accountancy firm, Nexia Court & Co is warning businesses with offshore accounts or assets to be extremely vigilant. Companies unsure if any of its business activities may be considered illegitimate should seek advice from the Australian Tax Office (ATO) immediately. Nexia Court & Co has compiled some essential top tips to help businesses maximise tax returns and avoid being penalised: 1. Visit the Austraian Tax Office (ATO) website for the latest tips and advice most relevant to your business: There is a wealth of information on the ATO website. Research the latest government levies as well as up-to-date advice on what you may be eligible to claim as a deduction. 2. Pay superannuation contributions before the 30th to ensure a deduction: Employers must check they have made sufficient superannuation contributions (9%) for all employees on a quarterly basis throughout the financial year to avoid incurring a penalty under the Superannuation Guarantee Charge (SGC). 3. Scrap obsolete plant and machinery: The best way to get a write-off deduction for obsolete objects is to review your