With the current Australian tax year coming to an end on 30 June 2008, there is still time for small business to look for possible savings. However, business advisers such as BDO Kendall's Robert Powell and William Buck's Greg Travers stress that the last month of the tax year is not the time to start tax planning, as this should ideally commence from the start of the financial year. Nonetheless, Travers says there are still some "last-minute tactics" open to small business owners, including revaluing old stock and reviewing Division 7A loans.
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