Many of our business clients like to renew their tax position at the end of the income year and evaluate any year-end strategies that may be available to legitimately reduce their tax. Traditionally, year-end tax planning for small businesses is based around two simple concepts-ie. accelerating business deductions and deferring income. However, Small Business Entities […]
A good strategy to reduce tax payable is normally to accelerate any income tax deductions into the current income year, which will reduce overall taxable income in the current year. Common claims made by individuals The following outlines common types of deductible expenses claimed by individual taxpayers, such as employees and rental property owners, plus […]
Last year, 6.7 million taxpayers claimed a record 7.9 billion in deductions for ‘other work-related expenses’, which includes home office expenses. Rerportedly, due to a high number of mistakes, errors and questionable claims for home office expenses, the ATO has recently advised that it will be increasing attention, scrutiny and education on these cliams this […]
Single Touch Payroll (STP) is a new initiative by the ATO to improve the way small business report their payroll and superannuation contribution information. So, if you’re not already using an online accounting system or payroll service provide, now is the time to consider your options. Read more: Single Touch Payroll For Small Business
