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Consult an expert tax agent when it comes to your business decisions, this ensures you keep up to date on latest changes.Tax me
There are hundreds of surprising items that you can claim as a tax deduction on your tax return.
With the new federal budget, there is an emphasis on supporting small businesses via tax relief however there are a lot of lesser known deductions that are not being claimed.

Protection:
For those who work outdoors can claim sun protection like sunscreen, hats, sunglasses etc. Flight attendants can claim moisturiser, compression stockings. Sex workers can claim birth control as a tax deduction. Truck drivers on long haul trips can claim the cost of portable fridge to keep your meals nice and cold.


You can provide these extra benefits to your employees now and claim as a tax deduction.


Airport Lounge Membership:

Businesses can claim 30% of airport lounge membership if your staff fly’s often.


Theft or Fraud:
30% of any losses that are not covered by your insurance company can be claimed as a tax deduction in 2015 financial year.


Dogs:
Your business might be eligible to claim 30% of expenses related to a guard dog (to prevent your premises from theft/intrusion) such as food, vet fees, grooming etc.


Call our expert Cranbourne tax agents on 1300 300 106 to find out the weird deductions your business might be eligible for.

As a tax agent we regularly come accross cleints who run a profitable business but dont have good cash flow. Cash flow can have a huge impact on the business growth. It is the amount of money that’s being transferred in and out of a business that largely impacts its liquidity. Cash flow is also the root of a business’ success that can be more important than employees, revenues, mission statements or websites.

Without cash, there is no business. Therefore, in order to increase cash flow in YOUR business, we have come up with the following tips:

  • Invest in your business: Any steps that you take to build on your business will prove to be helpful in the long run. These can include training staff, widening the marketing plan or investing in products that increase the business appeal.
  • Speed up receipt of cash: Logically speaking, shortening receivables is bound to increase cash flow. So, send out invoices immediately after goods have been delivered, or change your current payment terms from, say, 6 months to 3 months or 60 days to 30 days, depending on the type of business you own. Request progress payment on large orders.
  • Long term financing: Taking a loan to purchase extra equipment that assist with profits such as furniture, vehicle or technology instead of using person cash or business savings isn’t always a bad idea. In doing this, you’ll possibly have enough savings that can be used later on for the business when cash flow is tight.
  • Encourage the use of cards: Again, this is something that depends on the nature of your business. Accepting credit and debit card payments allow you to receive next-day value for sales and services easily without having to deal with cheques and annually making deposits.
  • Analyse your cash flow: It’s normal and common for businesses to go through periodic highs and lows. Cash flow analysis can be used to highlight the ‘highs’ as well as the ‘lows’ that can be used in many ways to improve your business. They can be a great indicator of the effectiveness of staffing, marketing efforts and borrowings among other things.
  • Work with an accountant: Accountants are largely undermined these days with the introduction of software programs that claim to be just as effective as bookkeepers. However, an accountant can review cash flows of a business and provide insights into areas that programs don’t have ability to look into and considerations that you may have overlooked. Their role is to assist you in anticipating and plan for any ‘lows’ that the cash flow in your business may suffer in the future.
  • Having a cash flow plan: This will be really helpful so you know exactly where you are and what needs to be done to get to where you want to be.

So there you have it! Try out these tips and see your cash flow go up! Contact one of our expert Cranbourne tax agents and Cranbourne tax accountants to help you with improving your cash flow and cash flow planning.

*These changes are proposed to apply from 7:30 pm (AEST) 12 May 2015.

The government will significantly expand accelerated depreciation for small businesses. It will do this by allowing small businesses with aggregate annual turnover of less than $2 million to immediately deduct  assets they start to use or install ready for use, provided the asset costs less than $20,000 (currently, an immediate write-off is generally available for assets costing less than $1,000). This will apply for assets acquired and installed ready for use between 7.30pm (AEST) 12 May 2015 and 30 June 2017.       20000 tax deduction

Note:  $20,000 tax deduction does not mean $20,000 tax reduction.


Spending money in order to gain tax reduction is not a good business decision, if you spend money on something you don’t require, you might be saving 30% tax on it in a company structure, however if you decide not to spend, you will end up paying 30% tax but will still have 70% leftover.

SPEND WISELY!

Don’t spend on assets you don’t need.

For more information on tax deductions you can visit:

Tax Agent Lynbrook  Tax Agent Hallam  Accountants Lyndhurst  Accountant Cranbourne


 

 

As we are at the tail end of the financial year, you do need to start preparing information for the tax agent. You can do a few things to make your life easier at tax time.  

 

  • List of your income and expenses.
  • Go through your figures to ensure they are correct.
  • Book a tax planning session with your accountant, not too late yet.
  • Supporting documents for the above such as invoices, bank statements etc.
  • Write off any bad debts, redundant stock.
  • Lodge all outstanding BAS/IAS.


Does this seem like too much to do, that is why we are here to help,  call us today on 1300 300 106 to find out how our expert Cranbourne tax accountant services can help you getting organised for tax time. BookSmart Accountants provides expert Tax Agent Cranbourne services.

Have you been running a home office and are not sure what deductions can you claim?

Read further, this article will help shed some light on home office expenses that are deductible on your tax return. In this post I’m going to be focusing on tax deductions that can be claimed in your tax return for the home office expenses.  
 
Home office deductions, or working from home deductions, can be claimed if you produce your income at home, and incur expenses from using your home as your ‘office’. If you are an employee and are required to use your computer, phone or other electronic devices for work purposes, you are also eligible to claim a deduction for your costs.  

You can claim a proportion of tax deduction as per the work usage for the expenses that fall into the following categories: Home Office

  • Telephone and Internet,
  • Occupancy expenses,
  • Running expenses and
  • Depreciation on equipment.

Running expenses include internet, electricity, water and gas. In order to claim for these though, you need to keep a record of the number of hours you use the home office. It is important to note that if you do claim a deduction on your utilities, you need to be able to demonstrate how you arrived at the amount you’re wanting to claim as deduction. Tax office has a set rate of $0.34 cents per hour of work usage for the home office to cover the running expenses.

For occupancy expenses such as mortgage, rates and home insurance, these are only deductible where the home is the place of business.

Depreciation on home office equipment includes, but is not limited to, furniture, carpet, computer and printer. The use of these must be recorded covering income-related and non-income related use, showing nature of the use of equipment and the period of time it was used for.

Deductions are generally only available for the decline in value of office furniture. You cannot claim a deduction in value on your curtains or lights or claims for the cost of owing or renting the house unless a specific area – usually a room – is set aside solely for business use.
Please note these are generic home office deductions, you might be eligible for more industry specific deductions.

If you have been working from home or running a home business and not sure what deductions are you entitled to claim on your tax return.

Call Tax Accountants Cranbourne at 1300 300 106 for further information.

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