Tax must be both accepted and properly managed for optimum results. Tax is one piece of a much larger picture of your business, and is dealt with accordingly. The key for business owners to understand is that paying more tax is a direct result of earning more profit. More profit equates to increased wealth, so a high tax bill is in fact the sign of a healthy business.
Hard work is vital to success, but it’s not the only quotient.
As a general guideline, the ATO will allow a deduction for insurance premiums if it can be shown that the insurance cover relates to earning assessable income.
The Federal Government has responded to pressure and dropped its plan to introduce a 32.5% tax on backpacker workers.
You can claim a tax deduction for the cost of purchasing tools and equipment that you have used throughout the year to earn your income, and also for the work related use of your home office.
With a range of self education expenses qualifying as tax deductible in Australia, your studies can save you tax.
Uniform expenses can be a tricky tax return area to navigate. If you have to buy a smart new suit for your office job or a particular brand of clothing from your new employer, it might seem like these are obvious work expenses and valid tax deductions. Not necessarily, according to the Australian Taxation Office.…
Work related travel expenses can be claimed as a tax deduction, which will assist in maximizing your tax refund. According to the ATO, work related travel expenses are any costs incurred as a result of travel, transportation or accommodation accrued during the course of your job. This does not include travel to and from home…
With a range of motor vehicle expenses tax deductible in Australia, your car could just end up saving you a bundle come June 30, particularly if you regularly drive your personal vehicle as part of your work. When is a Motor Vehicle Expense Allowable as a Tax Deduction? Eligible work related travel includes: • Travel…
The ATO has a database of “small business benchmarks” against which it compares lodged information. But business owners can also benefit by using the small business benchmarks to compare their own performance. It says the small business benchmarks: are calculated from income tax returns and activity statements from more than 1.3 million small businesses and…