Tagged With tax week 2017

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The 2016-2017 financial year is coming to a close, which means you need to get your taxes in order. If you own a small business, this checklist will help you to cross those t's and dot those i's.

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Many people are required to travel as part of their job. Work-related travel might be something as simple as a short trip to see a client for an hour or two or a prolonged trip lasting several days interstate or even overseas. Some of these travel expenses can be claimed at tax time - but you need to know which rules to follow.

Predicting the future is near impossible -- but that doesn‘t stop us all from having a red hot go. Human beings have been predicting the future since the beginning of history and the results range from the hilarious to the downright uncanny.

One thing all future predictions have in common: they‘re rooted in our current understanding of how the world works. It‘s difficult to escape that mindset. We have no idea how technology will evolve, so our ideas are connected to the technology of today.

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The end of financial year (EOFY) is almost upon us. For many, this means a nice little return on the taxes you paid over the previous year. Unfortunately, it also means a slew of approved Federal taxes will be taking affect from July 1 2017. Here are the tax changes, policy tweaks and new levies that will be affecting your wallet from next month -- for better and worse.

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Every financial year, the Australian Taxation Office (ATO) puts the spotlight on certain work expenses that people attempt to claim erroneously. Whether through genuine error or deliberate subterfuge, these dodgy deductions add up to millions of dollars in lost government spending - and they can land you in hot water with the tax man. Here are 11 claims that the ATO plans to target this year, straight from the horse's mouth.

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The $20,000 instant asset write-off was extended into the 2017-18 financial year in the latest Australian federal budget. It's truly a real boon for small businesses. It allows small businesses that turnover less than $10 million to instantly write-off 100% of any business related purchase under $20k.

This applies to things like vehicles, tools, equipment -- pretty much anything that isn't a horticultural plant or in-house software.

Newsflash: not many things cost over $20,000, which leaves you with genuine carte blanche. What does your business need? Might as well pick it up now while the going is good.

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If you want to reduce your tax bill, you need to claim as many legitimate deductions as you can. While most people know about travel expenses and charitable donations, there are many additional deductions you might be able to claim. Some of these items may surprise you - from video game consoles and Netflix subscriptions to pet dogs and sex toys.