Business.gov.au have published two articles providing small business owners with handy tax info for EOFY.
The two articles focus on tax deductions for small business owners and how to check whether a tax practitioner is registered.
The article on tax deductions for small business owners emphasises the importance on knowing exactly what deductions can be claimed. The article specifically clarifies what kind of travel, motor vehicle, repairs and maintenance, home-based business and general operating expenses, can be claimed as a tax deduction.
With travel expenses, the article states that if a business owner or their employees travel for work, transport expenses can be claimed and it also recommends keeping receipts and/or a travel diary for trips that are overnight or longer.
In regards to motor vehicle expenses, whether they can be claimed as a deduction is dependent on how the business is structured, what type of vehicle it is and how it is used. In regards to repairs and maintenance, deductions can include painting, plumbing maintenance, and electrical and machinery repairs on a business’ assets.
In regards to home-based business expenses, occupancy expenses such as rent/mortgage, and running expenses such as electricity and phone usage, could possibly be claimed as a deduction. In regards to general operating expenses, these can include stationery, internet and insurance costs, and generally, most of these expenses can be claimed as deductions.
You can read Business.gov.au’s article on tax deductions for small business owners in full here.
The article on how to check whether a tax practitioner is registered states that the Tax Practitioners Board (TPB) are reminding small business owners to check that their tax agents, BAS agents or financial advisors are registered with them. The article states that there are two ways to check—searching the TPB register and looking for the Registered tax practitioner symbol.
You can read Business.gov.au’s article on how to check whether a tax practitioner is registered in full here.
Image via Pixabay.