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You want your business to grow and you know you need to hire an accountant to take things to the next level, but perhaps the cost of hiring someone has held you back from making that decision. However, it might be time to look at it another way – instead of the costs, hiring a good accountant might mean much more in savings than you might originally think.
There are a range of claims you can make come tax time in Australia, but a lot of them are a mix of personal and work-related expenses. The ATO only allows you to claim work related expenses, but how do you work them out?
Covid-19 has brought world-wide change to the way we interact with people, how we shop, how we conduct business and make purchases, and how we work. While some of these will be short term, working from home has become a major change for millions of people. How and what can you claim on your tax deductions this year?
The government has released support for Small Business due to the Covid-19 emergency to help those who cannot trade normally, if at all. Isolation and restrictions has changed normal trading opportunities and businesses are struggling. What are the current schemes and how can they benefit you?
If you work in the healthcare industry and don’t know what you can claim at tax time, or don’t keep the right records, you might be missing out on reclaiming money you’ve had taken from your wage or salary in tax throughout the year. You have one opportunity to make your claims each year, and it’s a good idea to make them count.
Your job as a tradie can take you far and wide and often involves long hours of hard work. The last thing you want to do at the end of the day is to think about taxes, but that could be costing you hundreds, if not thousands of dollars, that you could otherwise recoup come tax time.