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Want tax deductions? These 7 money-savers blew me away | Jordan shares 7 last-minute tax strategies

Want some last-minute tax deductions with that? Like saving money? The Australian Business Podcast is back and your host Owen Rask speaks with Jordan Kidis of Grey Space Advisory on his favourite 'last minute' tax saving hacks.

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About this episode

Want some last-minute tax deductions with that? Like saving money?

The Australian Business Podcast

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is back and this week I speak with Jordan Kidis, co-founder of Grey Space Advisory about 7 of his favourite ‘last minute’ tax saving hacks.

If you run a business and pay Super, you REALLY need to listen to this. You could save big.

Jordan shared a few things with me that really sparked some big changes in my business (Rask) that I’ll be implementing between now and June 30th.

Jordan’s ideas, summary:

  1. Temporary full expense – this expires soon (it’ll be reduced down to just $20,000!). If you’re a small biz, make it work!
  2. Maximise Super contributions – before June 30th, up to $27,500 for concessional contributions (see ATO website).
  3. PAY Super now – before June 14th, ideally.
  4. Bring-forward expenses – what can you bring forward to this EOFY?
  5. Year-end stock take – for e-commerce or others with expiring goods.
  6. Write-off bad debts – but be mindful.
  7. Prepayments – pay the subscriptions upfront (and save!)

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📈 Free online business community – Inflection 

Zara, Owen, Jordan and Danil are proud to invite you to join our free online business owners community. Filled with videos, PDF downloads, daily discussion and more, you can join now for free to unlock episode resources and goodies. Click here to join us online.

✅ Grey Space Advisory – snag a $100 health check

Do you get stuck worrying about your business’ finances? Or what needs to be paid to ATO, employees, Super funds and so on? The Australian Business Podcast is proud to announce that our sponsor, Grey Space Advisory, is offering all business owners a financial health check.

Jordan and Danil’s expert team of accountants will conduct a review of your tax structure, bank setup, ATO obligations and reporting, business insurance and provide some advice on how to manage all of this — for just $99! You can book a $99 health check with the Grey Space Advisory team and tell them Owen sent you.

🏰Rask – Get Owen’s best investing research

The Australian Business Podcast’s official sponsor is Rask, our very own company. We empower hundreds of thousands of investors around Australia, whether you’re new or have been investing for 40 years. You can take an investing course on Rask Education to discover how Owen carefully researches small or blue chip companies, or become a premium Rask member today to speak directly with Owen and see what he is investing in.

As Warren Buffett famously said, “I am a better investor because I am a businessman, and a better businessman because I am no investor.” 

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