You can claim most expenses you incur in running your business as deductions to reduce your assessable income. If you incur an expense that relates to both business and private use of an asset, you can only claim the business portion of those expenses. Claim an immediate deduction for working or operating expenses you incur […]
Author Archives: Noelene Lake
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, mobile phone use, internet use, seminars, conferences, specific investment advice. The tax deductibility […]
Viability is defined as the ability to survive. For a business, this is linked to financial performance and position. A business is viable when either: • It is returning a profit that is sufficient to provide a return to the business owner while also meeting its commitments to business creditors. • It has sufficient cash […]