Individual tax returns from $99 - $120
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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.
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.
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.
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:
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.
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.
Don’t spend on assets you don’t need.
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.
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:
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.