Find out how to get ahead this tax time, before the 30 June deadline. We’ve got you covered on an overview of business income and deductions, claims, purchases, super and offsets.

Below are six tax time tips to help you reduce stress and save you valuable time this tax season.

1. Overview of business income and deductions.

Be sure this tax time to check here which are considered assessable income.

Also consider – other business income that is not part of your everyday business activities that are assessable, including government payments, changes in the value of trading stock, capital gains, isolated transactions intended to make a profit, and cash prizes for your business.
TIP: Talk to your accountant for advice.

Tax time
Tax Time

2. Working from home

If you work from home, you may be able to claim a deduction for the expenses of running your office. Our working conditions for many of us, changed during COVID-19 and tacking these expenses can be challenging. Expenses could include things like cleaning supplies, electricity, and home office equipment, plus more.

TIP: Your accountant is the best person for advice.

3. Instant asset tax write-off claims

If you purchased any assets such as computers, laptops, tablets, office furniture or equipment, motor vehicles or other tools, for your business this year, you may be able to claim the instant asset tax write-off.

Assets check for your business inclusions / exclusions is best done with your accountant.

 

There is limit on the cost of items you can buy and write-off under the instant asset scheme is $1,000 for purchases made after 31 December 2020.

TIP: In May 2021-22, as part of its federal government budget, it announced that it would be extending the instant asset tax write-off, allowing businesses to write-off the cost of assets used or installed before the end of tax time 30 June 2023, with a turnover of less than $5 billion.

4. Take advantage of the small business income tax offset.

In order to be eligible for this tax time offset, you must have had an aggregated turnover of less than $5 million for the 2020-21 year. And be a sole trader or have a share of net small business income from a partnership or trust.

As part of the small business income tax offset, you as a small business owner could be eligible for up to $1,000. Find out if you are eligible here.

5. On time superannuation payments

You need to ensure all your super contributions are paid in this tax time by 30 June to be included in your tax deduction calculations.

TIP: You’ll have to wait until the following year to claim contributions on your tax return if you do miss this date.

6. Important Dates for Tax Time

Get organised now to avoid scrambling at the end of the financial year. Talk to your accountant and get your paperwork in order now.

Save yourself the stress this tax season. Get in touch with your accountant and set your calendar reminders to be organised this EOFY and future ones.

 

 

 

If you need help or are not sure about super contributions, contact us and allow us to assist you..

Call us on 08 7111 0022 or book a chat here. A simple call may be all it takes to get ahead this tax time.

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Disclaimer: This article is information only. It is not intended to imply any recommendation about any financial product(s) or to constitute financial or tax advice. The information in the article is reliable at the time of distribution, but may not be complete or accurate in the future.

 

 

 

 

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