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 »
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 »
When was the last time you spoke to an advisor? If your answer was June 2020, you’re not alone, writes Cassandra Scott, Member of Xero Partner Advisory Council 2021. Many small business owners visit their bookkeeper, accountant or BAS agent to get help with things like tax deductions and reporting at end of financial year… 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 »
The Institute of Public Accountants (IPA) is urging people to not the jump the gun by lodging their tax return early this year, suggesting there could be many variables relating to COVID-19 assistance that should be considered first. “We understand that some individuals have been adversely impacted by COVID-19 and want to get their hands… Read more »
For many SMEs, this tax time is more important than ever, particularly when it comes to consolidating unpaid bills, writes Roger Mendelson, CEO of Prushka Fast Debt Recovery Small businesses would have experienced solid profits up to March 2020, and then April to June will have most likely resulted in a loss quarter. It is… Read more »
The Australian Taxation Office (ATO) is advising people to act now to improve their tax time experience. There are some simple things taxpayers can do now to ensure they can lodge their tax return quickly, securely, and smoothly. Assistant Commissioner Karen Foat said that “if you are planning on lodging your own return, you can’t… Read more »
For small businesses, the 2018/19 finish line is in sight. At midnight on 30 June, the financial year ends, the books are closed and businesses report their financial situation to the Australian Tax Office (ATO). Matthew Prouse from Xero provides five tips to help small businesses make the most of this busy time and keep stress… Read more »
With the end of the financial year beckoning, it’s time to start thinking about lodging your return. Thanks to the adoption of cloud accounting solutions and online processing, it is easier than ever to lodge your tax. Whilst this is great news for individuals and small business, tax time is also fraught with fraud as… Read more »
As the end of financial year draws near and whilst there are a wide variety of tax deductions open to all small businesses. Professional services Your business could look to claim the following items: New capital equipment such as computers, laptops, phones or office furniture. This can include the cost of refitting the office kitchen… Read more »
It’s that time of year when small businesses can benefit by considering strategies to minimise tax burden. In this second article of our three-part series for year-end tax tips we look at accelerating deductions and how small businesses can reduce their tax for 2017. With the individual tax rate set to reduce by 2% for those in… Read more »
It’s that time of year when businesses can benefit by considering strategies to minimise their tax burden. This is the first of a three part series on tax we are doing to help prepare you for tax time. Here, we look at some actions small businesses can consider in order to reduce their tax for… Read more »
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