We are getting closer to that busy time of the year again: Tax Time. If you are a small business or work from home it’s essential that you get up to date on how to reduce your taxable income.
Make sure your small business benefits from the Governments $20,000 tax deduction initiative. The 2017 Federal Budget recently extended this benefit to expire at the end of the next financial year 2017/2018. Small businesses can deduct the ‘business’ portion of most assets. Keep in mind they must cost less than $20,000 and should have been purchased between 12 May 2015 and 30 June 2018. It is important to also note that the benefit is only applicable if you qualify as a small business entity.
Winc helps you maximise your 2017 tax time savings with discounts across a range of tax deductible products. We have listed out our favourite tax time tips to help you save time and money.
According to the ATO you can tax deduct:
Likewise, it helps to understand what isn’t tax deductible. @GaddBelinda from Intuit Quickbooks highlights that small businesses can’t claim:
The Australian Tax Office has some fantastic resources to make Tax Time easier:
Being aware of what you can and can’t claim will enable you to process you tax claims faster. Above all we recommend you contact your local registered tax practitioner. This will allow you to get expert advice before you lodge your business tax deduction claim for 2017.