This year it’s important to get your records and tax return correct because of the continued unusual business circumstances. Talk to us and we’ll help make tax time easy and make sure you’re claiming all that you can for your business.
Common Tax Deductions for Small Business
Are you claiming all the business tax deductions that you are entitled to?
There are many expenses common to most small business, and there are other expenses that are specific to the nature of the goods or services that your business provides.
Expenses must relate to the running of the business and providing the goods or services that your business offers.
Some common expenses that are not deductible are fines and penalties, provisions for employee leave, donations to entities not registered as deductible gift recipients and entertainment.
There may be some expenses you want to check with us such as private usage of business vehicles, prepaid expenses, bad debts, loss of stock and borrowing expenses. We’ll make sure to include all the deductions you’re entitled to.
What’s on the ATO Radar for 2022?
This year the ATO will be taking a closer look at record keeping, work related expenses, rental property income and deductions and cryptocurrency transactions.
Other Common Tax Return Issues
Talk to us about what applies for your business.
Maximise Your Business Deductions
We can check your business’s eligibility for concessions, offsets, employer incentives and rebates and make sure your business is calculating taxable income correctly, so you don’t pay more tax than you need to!
With so many businesses still affected by COVID-19, it’s important to get the allowable tax deductions right for your business and get in early for your tax return. This way you get more time to plan for payment, or if you are due a refund you will see it in your bank sooner.
For more Essential Tips on Tax Planning, attend our FREE educational webinar below: