FleetDrive 23 - June 2020 | Page 18

Keep accurate records The top tip for small business operators is to ensure that your records are kept up-to-date. Good record keeping will help you complete and lodge your tax returns, manage cash flow, meet your tax obligations and understand how your business is doing. Good businesses keep good records, they run their business with the help of technology (such as point of sale software and accounting systems), and they seek advice from a tax professional when they need it. Claim as many work-related expenses as you can Many expenses that you accumulate through your chosen career path can be claimed in your tax return. However, many cannot, and incorrectly claiming these may result in a penalty from the ATO. Here’s a few examples that you might be eligible for: • Tools and work-specific clothing: The item is needed to perform your job e.g. tools that tradesmen use, equipment that hairdressers use, special shoes such as steel cap boots. • Safety items: Item’s needed for self-protection or safety when doing your job e.g. sunscreen and sunglasses if you are required to work outside • Laptops and mobile phones: If these are used for work purposes you’re able to claim it on tax (if you have a laptop that you use for work and personal use, you’re only entitled to claim the portion that you use for work). • Courses and conferences: Self-education expenses, such as courses and certificates, need to be directly related to your profession and will help you get a promotion or a pay rise. Think of the things you have completed with AfMA and other industry groups you may be a part of when logging your return. Tax Deduction for attending the 2020 Australasian Fleet Conference & Exhibition Buy your tickets before June 30 to this year’s conference on November 9-10 and apply for a tax deduction for this financial year (18/19). As the fleet and automotive sector boldly heads into a new decade the challenges faced are forever expanding. Change is afoot as the industry moves toward sustainable vehicle alternatives, improved safety legislation, and an ever-changing economic climate. Join us for this industry led event in Melbourne as we connect you with the knowledge and people you need to further your career in the expanding world of fleet management. Click here for more information. 18 ISSUE 23 2020 / WWW.AFMA.ORG.AU