The end of the financial year is approaching fast and now is the time to think about your tax position and to take action to maximise your tax deductions.Take Action Before June 30.
For employees, think about making a personal contribution to super (if you meet the eligibility criteria for the co-contribution) and purchasing work-related expenses before June 30. There are many other strategies that you may benefit from depending on your circumstances and eligibility.
For business owners, think about paying as many expenses as possible by June30, prepaying interest, insurances etc., making personal contributions to super, pay employee super up to date, purchasing stationery, equipment, motor vehicles and other expensive items now and consider the tax offsets that you might be eligible for.
It is in your best interest to do some tax planning now, so please contact me.
Here is a handy checklist for small business owners.
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.
The Australian Tax Office has flagged work-related tax deductions as an area of focus for the 2016 year tax returns. In particular,
- Overnight Travel-transport, accommodation and meals
- Expenses for transporting bulky tools and equipment
- Work-related proportion for the use of computers, telephones and other electronic devices, internet claims
- Motor vehicle: work-related claims
Make sure you can substantiate your tax deduction claims, paying particular attention to the above expense categories.
Please contact me if you need assistance.