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.

5 Easy Ways to Increase Your Tax Refund

• • Claim deductions for everything you are entitled to claim:

But, only claim legitimate items.

• • Keep good records: Be organised, keep receipts, and fill in motor vehicle logbook regularly.

• • Get advice from a professional Accountant who is a Registered Tax Agent: He/she should find additional expenses, and tax offsets for you.

• • Don’t forget the small stuff: Little expenses add up over the tax year.

• • Use a Registered Tax Agent to lodge your Tax Returns: He/she should be working for YOU, helping to increase your tax refund and avoid trouble with the A.T.O.

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

Please contact me if you need assistance.

I am here for you, to help with any accounting, bookkeeping or tax issues.

THE BEST BUSINESS TAX TIPS

• • Pay Superannuation Guarantee Payments early (before June 30)

• • For Trusts: distribute funds to eligible recipients who are taxed less

• • For Companies: as above

• • Review your business structure

• • Review “immediate write off” items -up to $20,000 for small businesses

• • Write off unrecoverable bad debts

• • Stock: Stocktake and write off any lost, damaged or obsolete stock

• • Stationery:  Stock up and pay for it before June 30.

• • Review:  Insurances and pre-pay before June 30

• • Superannuation: consider personal contributions, salary sacrifice arrangements, spouse contributions.

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

Please contact me if you need assistance.