Both SBE and non-SBE taxpayers are entitled to an immediate deduction for certain expenses that have been “incurred” but not been paid by 30 June 2014 including:

Salary and Wages. A tax deduction can be claimed for the number of days that employees have worked but have not been paid until after 30 June 2014.

Directors Fees. A company can claim a tax deduction for directors fees it is “definitely committed” to at 30 June 2014 and has passed an appropriate resolution to approve the payment. The director is not required to include the fees in their taxation return until the 2014 year when the amount is actually received.

Staff Bonuses and Commissions. A business can claim a tax deduction for staff bonuses and commissions that are owed and unpaid at 30 June 2014 where it is “definitely committed” to the expense.

Repairs and Maintenance. A deduction can be claimed for repairs undertaken and billed by 30 June 2014 but not paid until the next income year.

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