THE SMALL STUFF

Yes, we have all heard “don’t sweat the small stuff”, but if you want a bigger tax refund-do the opposite.

Keep track of all the “small stuff”.

Those small $10 or $20 receipts for things you purchased for your job or business, add up over the year.

If you don’t do this, by the time you get your tax return done, you would have forgotten about a lot of your tax-deductible purchases.

Claim everything you can legally claim.

Make sure you can substantiate ALL of your tax deduction claims.

Please contact me if you need assistance with your Tax Returns, BAS’s, financial reports or Employee Payment Summaries prepared and lodged.

CLAIM EVERYTHING YOU CAN

Listed below are some possible tax deductions that you may have overlooked:

Sunscreen, laundry, dry cleaning, briefcase, self-education; home office electricity, printer ink, copy paper, stationery, protective work boots, protective clothing, subscriptions, salary package fees, income protection insurance, personal contributions to superannuation, disability aids, mobile phone use, internet use, seminars, conferences, specific investment advice.

The tax deductibility of your expenses depends if you purchased them for work use or for use in your business and the nature of your work. Remember to only claim the work-related portion of your expenses and keep your purchase invoices and receipts.

Make sure you can substantiate ALL of your tax deduction claims.

Please contact me if you need assistance.

 

COMMON TAX ITEMS 

COMMON TAX ITEMS BUSINESS OWNERS FORGET

  • • Sale of assets, especially motor vehicles
  • • Purchase of assets, especially motor vehicles
  • • No stocktake was done (for those accounting for stock)
  • • Bad debts not listed
  • • Expenses purchased with cash not listed
  • • Expenses purchased with credit cards not listed
  • • Loan interest expenses not made available
  • • Shares sold not listed
  • • Interest earned not declared
  • • Full contractor details and payments made not provided
  • • Motor Vehicle logbooks not kept
  • • Travel expenses not itemised and no receipts kept
  • • Debtors and creditors not listed

Make sure you can substantiate ALL of your tax deduction claims.

Please contact me if you need assistance.