This year, tax deduction claims the A.T.O. will focus on include:
- Motor vehicle expenses
- Expenses for transporting bulky tools and equipment
- Uniforms and laundry
- Overnight Travel-transport, accommodation and meals
- All work-related expenses: computers, stationery, telephone, internet, fees, subscriptions, electricity, tools, equipment.
- Self-education claims.
Make sure you can substantiate ALL of your tax deduction claims.
Please contact me if you need assistance.
REVIEW your business sales, expenses, profit and bank balance -monthly at a minimum.
COMPARE the budgeted figures with the actual figures and analyse the variances.
MANAGE your business by changing your business plan if it is wrong and implementing strategies to improve your business bottom line.
QUESTIONS TO ASK YOURSELF:
- What value am I to my customers and can I add more value?
- Can I do it better, quicker or more efficiently?
- What other services can I offer?
- Who am I marketing my products and services too?
- Is this the right market for me or should I target another market?
- Are there any new products or services and can I offer?
Some of the expenses that you may be able to claim as tax deductions are:
- Work related expenses (e.g., uniforms, occupational specific clothing, protective wear, telephone calls, stationery, seminar and conference expenses and travel expenses).
- Motor vehicle expenses if you used your car for work
(other than to and from work unless heavy tool carrying).
- Self-Education expenses
- Tools and equipment expenses
- Computer expenses (if used partly for work)
- Home office expenses
- Gifts or donations to registered charities
- Union fees
- Overtime meal expenses
- Tax agent’s fees paid in the financial year
- Personal superannuation contributions
- Rental property expenses
- Income Protection Insurance costs
Maximise your refund by bringing your expense receipts to me.