Top Tax Tips

Keep your receipts throughout the year, for EVERYTHING.

If unsure keep the receipt and ask your accountant if it is relevant.

Keep your receipts organised and sort in to categories and total each category.

If you are claiming a motor vehicle, keep a log book.

June 15th, 2009 | Tags: , , | Category: Tax Deduction, Top Tax Tips, Work Related Expenses | Leave a comment

One-Off Bonus Deduction for Small Business Assets.

An additional tax deduction of 50% off the cost of an asset will apply;

if it has a value greater than $1000 excluding GST, and is bought by a small business that has a turnover less than $2 million, and is bought between 13 December 2008 and 31 December 2009, If ownership occurs [...]

June 1st, 2009 | Tags: , , | Category: Small Business, Tax Deduction, Uncategorized, Work Related Expenses | Leave a comment

Log Books and 1 ton Utes

There is a common belief that if you own a 1 ton Ute you are exempt from keeping a log book and can claim 100% tax deduction for the Ute if used for work, with no adjustment for personal use.

The ATO still expects to see a reduction of claim if you are [...]

November 30th, 2008 | Tags: , , , | Category: Work Related Expenses | 3 comments