A calculation is required each tax year with respect to work that has been carried out but not yet completed by 30 June. This is particularly important if you are in the building and construction industry. An example would be, where you have incurred substantial expenditure for materials and/or contractors in respect of a stage of construction, such as “fixing” that has not been completed.
Be aware, in the case of an audit by the Australian Taxation Office, substantial expenditure claimed in the month of June is easily detected; don’t get caught out!
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