A couple of significant tax breaks are currently available, and if your business meets the relevant criteria, they could represent a potential saving of thousands of dollars. Mark Chapman, Director of Tax Communication at H&R Block explains all! As both of these tax breaks expire on 30 June 2024, it is essential that you… Read more »
As a new tax year starts, various changes to the tax system have kicked in – chief among them being a number of new concessions which are only available to small businesses. Here’s my guide to the new tax concessions that your small business really should be taking advantage of, writes Mark Chapman, Director… Read more »
Businesses now have less than three months to take advantage of temporary full expensing, the government’s scheme enabling a full deduction against profit for eligible capital asset purchases, writes Mark Chapman, Director of Tax Communications, H&R Block Australia. Unless the government changes course in the upcoming Federal Budget, the scheme (which has run since… Read more »
Changes to the way you claim working from home deductions are set to impact millions of taxpayers, particularly the small business community of solopreneurs, freelancers and contractors who conduct all or part of their business from home. Mark Chapman, Director of Tax Communications with H&R Block Australia, explains what you need to know. The… Read more »
Do you run a business from home? Running a home-based business offers a number of advantages including convenience, flexibility, freedom and cost savings. It’s great for looking after the kids, and also for starting out your business when you can’t afford separate premises. And when it comes to your tax return, you may be… Read more »
Working from home and thinking about claiming your activewear? Think again, says CPA Australia tax expert Elinor Kaspaidis. With tax time fast approaching Kasapidis says it may be tempting to claim expenses that might be work-related while working from home. However, the accountant suggests it’s better to take a “yeah-nah” approach for these deductions, as… Read more »
It’s been anything but business as usual this year thanks to COVID. And with most businesses desperate to conserve cash amid uncertain trading conditions, maximising deductions is not a luxury but a necessity. These handy tax-time tips will ensure your business maximises deductions to conserve all-important cash flow, writes Helen Baker. Learn from mistakes of… Read more »
Poor planning is one of the killers of small business. One big item that many small business operators fail to plan for is TAX, writes Sharon Williams, founder Taurus Marketing. Unfortunately, the better you do, the more you pay. The country has to run and we as small business owners contribute much to keep the… Read more »
Car-related expenses are among the most commonly claimed tax deductions in Australia, with car expenses accounting for some 40 per cent of all work-related deductions. If you use your car for work, you’re entitled to claim back the related car costs, but with the ATO cracking down on car-related deductions it’s important to get clear… Read more »
Following lobbying from small business advocates and the opposition, the Morrison government has announced it will extend the $150k instant asset write-off until December 2020. Businesses making up to $500 million per year will be able to write off new assets worth up to $150,000 each under the extended scheme which was part of a… Read more »
Leading SME lender OnDeck suggests small business owners looking to take advantage of the instant asset write off need to act quickly to secure finance.
A national study has found small business owners are failing to take advantage of the instant asset write off and are missing out on potential deductions
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