Below you'll find a list of all posts that have been tagged as “Deductions”
Key Points The types of expenses you can claim depend on how you operate your business from your home. You can only claim deductions for the portion of your expenses that relate to running your business. You must keep records for at least 5 years to show how you calculated your claim. If you sell your home, there may be …
The $20,000 instant asset write off extended to 30 June 2025
These are my Top Three highlights from the Federal Budget for small business owners. Income Tax Cuts The Stage 3 personal income tax cuts will commence from 1 July 2024 as previously legislated. From 1 July 2024 the 32.5% marginal tax rate will be cut to 30% for the $45,000 to $200,000 tax bracket. The 37% tax bracket will be …
Business expenses you can claim as a tax deduction You can claim most of the expenses involved in running your business as a tax deduction Just make sure: They relate directly to earning your income The expense was for your business, not for private use If the expense is for a mix of business and private use, you only claim …
“ Of course, I am minimising my tax. Anybody in this country who does not minimise his tax wants his head read. I can tell you as a government that you are not spending it so well that we should be donating extra. “ – Kerry Packer If you agree with K.P. here are some simple strategies you can use …
Tax Deductions you can claim There are 3 things you need to claim a work-related deduction: 1. You must have spent the money yourself and weren’t reimbursed; 2. It must be directly related to earning your income; and 3. You must have a record to prove it. The ATO allows you to claim up to $300 for work related expenses …
Here are a few quick tips to help you minimise your tax. Bad Debts Review your debtors and write off the bad debts before 30 June to get the deduction. Consumables Buy any necessary loose tools, stationery, printer toners, paper, water etc before 30 June. Defer Income Delay issuing the last week of June bills to customers until 1 July. Employee Bonus Consider committing …
