Recording your deductions
When lodging your tax return its important to have a record of all your work-related expenses and their associated receipts. Keeping good records is essential to allow you to complete your income tax return and to back up all your claims.
No More Letting Go of The Past
In superannuation, letting go of the past can be a bad thing. The Government has rightly moved to stop it, with another fantastic super change coming into effect from the 1st July 2019.
At Last Your Past Can Catch Up With You
Another fantastic super change came into effect from the 1st July 2019.
How To Make Goal Setting Work
Business goals! You know they’re a good idea, but there’s filing to be done, bills to chase and clients that won’t stop calling. I get that the everyday tasks of running a business can distract you from those big goals that make running a business worthwhile in the first place. So let’s do away with big, long term goals. Let’s just focus on this quarter and pare it back to manageable goals that you can achieve.
Save on Tax by Thinking About Your Super in a New Way
Now that it’s time to put in your tax return for 2018-19, you’re probably looking at all the usual deductions to claim: bodycorp, rates, water, training, uniforms. However, one of the most overlooked deductions you can make is on after-tax super contributions. Not only does it reduce your tax burden in the present, it sets you up for a more comfortable life in the future.
TAX REPORTING GETS SIMPLER
Tax reporting is set to become simpler for business owners and employees with a new innovation from the ATO called Single Touch Payroll (STP).
2019 Small Business Tax Tips
1. Business Travel
- You can claim airfares, train or taxi fares.
- Accommodation costs and meal expenses for overnight business travel.
2019 Individual Tax Tips
1. From 1 July 2018 new tax rates
| $0 to $18,200 | No tax |
| $18,201 to $37,000 | 19c |
| $37,001 to $90,000 | 32.5c |
| $90,000 to $180,000 | 37c |
| $180,001 > | 45c |
Claim your Superannuation Contributions on Tax
You can make personal super contributions to your superannuation fund and claim it in your income tax return as an income tax deduction.
How does it work?
The best way to explain it is by an example. Steven is employed as an IT Consultant. During the 2017-2018 financial year, he earns a salary of $78,000.00. Steven makes a personal super contribution of $3,000.00 to his superannuation fund.
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Get Every Possible Deduction This Tax Year
As tax time approaches, make sure you’re ready to claim all the deductions you’re entitled to. These include the following:
Travel. You can claim for expenses relating to travel you do for work, but not usually the trip to get to and from work.
Clothing, laundry and dry cleaning. You can claim on the cost of purchasing and cleaning uniforms and other work related clothing. It needs to be clothing specific to your work (such as safety clothing or a shirt with a logo on it) and not just general black pants or a white shirt that matches a work dress code.