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.
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