Tip 2: Write Off Bad Debts

Psst... Here's a little tip on bad debt deductions! 💡 Did you know that a deduction can be claimed even though the debt has not been written off in the accounts? Here are some key criteria to consider:

• Ensure the debt was previously treated as assessable income
• Keep a written record of the write-off decision
• Confirm it's a bona fide, non-recoverable debt.

For more guidance, watch our video below to better understand the threshold for claiming a bad debt deduction. Don't miss out on this valuable tax-saving opportunity! 📉💰

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