Non-SBE taxpayers (and some SBE taxpayers) are entitled to a deduction for expenses incurred as at 30 June 2015, even if they have not yet been paid.
The following expenses may be accrued:
• Salary or wages and bonuses – the accrued expense for the days that employees have worked
but have not been paid as at 30 June 2015.
• Interest – any accrued interest outstanding on a business loan that has not been paid as at 30 June 2015.
• Commercial bills – the discount applicable to the period up to 30 June 2015, where the term of the bill extends past 30 June.
• Commissions – where employees or other external parties are owed commission payments.
• Fringe benefits tax – if an FBT instalment is due for the June 2015 quarter, for example,
but not payable until July, it can be accrued and claimed as a tax deduction in the 2015 income year.
• Directors’ fees – where a company is definitively committed to the payment of a director’s fee as at 30 June 2015, it can be claimed as a tax deduction.
