Can I claim tax deduction for my car expenses? Yes but only if you use your car for work purposes, you are entitled to claim the expenses related to the business costs of your car.
Can I claim tax deduction for my travel expenses? Yes but only if travel expenses you incur that are directly related to your work.
There are specific record-keeping requirements for travel expenses, depending on whether your travel allowance is shown on your payment summary, whether your travel was domestic or overseas, the length of your travel and your occupation.
Do you need to wear a uniform to work? Or perhaps you need to wear industry specific clothing? If your answer is YES, then you may be eligible to claim deduction for work clothing or uniform expenses.
Can I claim my computer as tax deduction? The answer is "YES". However, you must genuinely use your computer for work purpose to be eligible to claim a tax deduction.
If your employer requires you to work in the sun for periods of time then you are eligible to claim tax deduction for sun protection, sunglasses and headgear items.
Can I claim my mobile phone as tax deduction? The answer is YES. However, you must genuinely use your mobile phone for work purpose to be eligible to claim a tax deduction.
The most common question asked at tax time is "can I claim work-related phone calls as a tax deduction?" The answer is "Yes"
The way we work is changing. Increasingly, we demand flexibility in the way we work or run our business and it is now common for people to spend at least some of their time working from home; sometimes at weekends, sometimes at night and sometimes during the day to work around commitments such as child care.
Many of us look forward to an annual getaway, either to the beach or the bush, as the best way to unwind and re-charge after another tiring year. For many Australians having a beach shack or bush retreat can be made more affordable by leasing out their properties to other holiday makers.
Can I claim personal grooming or makeup as a tax deduction? Normally ATO does not allow tax deduction for such costs but exception is available for specific industry employees.
Can I claim my printer or scanner as tax deduction? The answer is "YES". However, you must genuinely use your printer or scanner for work purpose to be eligible to claim a tax deduction.
There are lots of charities and worthy causes out there that rely on the generosity of taxpayer donations in order to help the less fortunate. The good news is when you give money to a charity, your gifts may be a tax deductible donation.
Did you know you can claim a deduction for expenses incurred in earning interest, dividend or other investment income.
You may be able to claim a deduction for self-education expenses if your study is work-related or if you receive a taxable bonded scholarship.
Investments should always be selected on the basis of the returns generated and how well the investment will help you meet your individual goals.
Tax offsets (sometimes referred to as rebates) directly reduce the amount of tax payable on your taxable income.
One of the most important requirement while completing your tax return is to declare all assessable income and tax withheld, this also ensures you are maximising your tax refund.
If I am required to use my own tools and equipment at work, can I claim them as tax deduction? The answer is "YES" only if buy tools, equipment or other assets to help earn your income.
Owner-managed businesses often do their own accounting and bookkeeping to try and save money. When it backfires, they come to small-business specialist.
Record keeping (also known as bookkeeping) is no one’s favourite task. However, the reality is if you own a small business, good record keeping is vital. Many start-ups, as well as existing business owners tend to neglect this aspect of their business until the end of financial year (EOFY) is upon them. By law, every business is required to maintain accurate and timely records.
There is a great deal to think about when starting a new business, from product development to marketing and from IT issues to finance. The distractions and demands are numerous. But if you get the set-up of the business right, meaning the basic registrations and systems are in place, then you are preparing for success in a business environment that naturally encourages performance.
Keeping your books in order has never been easier than with online accounting software.
Business owners get to enjoy the flexibility of having their accounts online, and benefit from the time and money saved.
A bookkeeper is a bit like a GP – there’s one on every corner but great ones are hard to find. And when you do find one, you should never let them go. But how do you know if your bookkeeper is good or even better, a great bookkeeper?
When it comes to running your own business, keeping your accounting in-order must be an achievable goal. That said, there are times where a little lack of discipline can cause some headaches down the track. Rather than getting yourself in a bind later, let’s have a look at some simple steps you can take to help keep your accounting organised.
What do bookkeepers do? The simple answer is: "All the financial record keeping you don't have the time or expertise to do properly". A good bookkeeper will be a huge asset to your business because they have the knowledge and experience on how to accurately manage your business’s financial records.
Participants at a recent workshop I held were focused on how to grow their business and make money, not end of financial year planning. This was despite the fact that June 30th is looming. They are not unusual.