When your wanting to be prepared and don’t know where to start with your Income Tax, a great place to get the support and to help you succeed is contacting a business accountant.
Integra Business Accountants offer advice for your Business and have the expertise when comes to Individual Tax Returns.
They understand that people may be busy and are able to give you the right services and resources for your specific needs.
Keeping your documents in order using simple steps
- Tax deductions
- Log Books
- Claiming GST
When running a Business or working as a sole trader you need to know what you can claim so you can reduce your assessable income which will reduce the amount of tax you have to pay. To support your deductions keep together a collection of tax receipts with a transaction record showing relevant expenditure.
Using a vehicle for work or if your business is supplying vehicles and the travel exceeds 5,000 each year keeping a Log Book in your vehicle for yourself or staff with the odometer readings noted can be used as vehicle expense, running costs and depreciation.
Certain items in Business can be claimed for the whole amount of GST whilst you can only claim a portion of GST on items that are also used for personal use. For instance, if you purchase a car and you use the vehicle half the time in the business and then halftime for personal use, you can only claim for 50% of the cars GST. Ask for advice on your individual situation
Needing to know more to get your Tax in order?
The team at Integra Business Accountants is your local accountant in Rockingham not just for business, but individual tax returns and accounting matters.
Call the team at Integra Business Accountant on 9527 3071 today to speak with our friendly, reliable accountants and support staff.