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.
Tagged With tax week 2017
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.
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.
This year, the biggest tax news for small businesses was the extension of the $20,000 write-off, up from $1000 in previous years. In addition, the company tax rate for small businesses has decreased and more businesses are now eligible for most small business tax concessions. We take a look at all of these changes and more.
If you run a small business, there are a lot of dates to keep in your head when it comes to keeping up with your obligations to the Australian Tax Office. To make your life a little easier, we've prepared a calendar of key dates for the 2016-17 financial year when it comes to Aussie small business tax time.
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.
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.