Have you had your eye on new office equipment? Maybe some tax-deductible workwear or tools for the job? The end of the financial year is fast approaching and if you’ve been keeping a close eye on your bottom line and claimable expenditure, now is the time to make big (or small) purchases that you can claim in the coming months.
Whether you be an employee or a small business owner, every industry has certain limitations and restrictions on what you can and cannot claim come tax time. Make sure you check with your tax accountant what you can claim in your 2017/2018 tax return before you purchase.
Integra Business Accountants are your local choice in Rockingham for convenient, stress-free tax for both business and individuals. With our comprehensive and simple Tax To Go program for online lodgement, to our dedicated professional accounting staff, Integra Business Accountants invest themselves in your business to ensure you reach maximum potential and profit.
You can claim tax deductions for most costs you incur in running your business, as long they directly relate to earning assessable income. The Australian Taxation Office lists the following expenses as allowable deductions for small businesses in certain circumstances:
- Salaries, wages, bonuses or allowances
- Business premises expenses, including land tax, rates and water usage, and rent or lease expenses.
- Super contributions for employees
- Advertising costs
- Business motor vehicle usage and business travel costs
- Work clothing and protective gear
- Commercial website costs
- Phone bills, electricity costs, gas bills
- Education, training and professional qualifications that are directly related to your business
- Home office expenses and stationery
- Insurance premiums
- Legal and bank fees
- Any losses from a previous year
- Registered tax agent and accountant fees
- Tender costs (even if unsuccessful)
- Delivery charges for stock, transport and freight expenses
- Depreciation on capital expenses over time that improve the structure of their business – such as furniture, computers and electrical tools.
Small businesses cannot claim:
- Private or domestic expenses
- A deduction for GST credits if you claim these separately on your activity statement
As always, be sure to check with you tax accountant before making your purchase to ensure it is tax deductible and always keep your receipts, not only for your records but on the off chance of ATO audit.
If you’ve allocated savings for this time of year, or simply found yourself with a surplus after a successful business year, now is definitely the time to treat yourself to a tax-deductable ‘present’ for your business.
For all your small business tax enquiries and services throughout the year and at tax time, contact Integra Business Accountants on 9527 3071 or call into 2/1 Robinson Place, Rockingham. We provide certainty that we understand your business with advice and support from people who have been there. Contact us today to work together on your business!