We are getting closer to that busy time of the year again: Tax Time. If you are a small business, it’s time to balance the books, organise your receipts and go shopping!
The Government’s $20,000 tax deduction initiative is one of the best tax breaks for small businesses in Australia and a great excuse to do some shopping. In a nutshell, businesses can buy and instantly write-off items of machinery or equipment for use in their business, provided the asset costs less than $20,000 and was purchased between 12 May 2015 and 30 June 2018. It’s important to note that the benefit is only applicable if you qualify as a small business entity.
Our Winc eofy sale helps you maximise your 2018 tax time savings with discounts across a huge range of tax deductible items such as office furniture, kitchen equipment, laptops, printers, tablets, and more. The $20,000 limit applies to each individual item, and you can apply it to as many items as you want. 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 2018.