Get Ready – Tips for the end of the Financial Year

If you are a start-up or SME you may want to consider what you can claim this financial year (30 June 2018). Here are some basics:

A $20K asset deduction for the purchase of physical assets used in your business e.g. computers, phones, tools, vehicles, equipment, electronics. Each one you claim must cost less than $20K.

Other expenses you may be able to claim include income protection insurance, outsourced book-keeping, internet, self-education, tax agent fees, bank fees.  You can also prepay expenses such as subscriptions, training programs, rent etc.

If you work from home you may be able to claim a proportion of costs associated with rental, mortgage, use of personal computer, phone, internet, software, equipment, furniture, lighting, and heating.

Travel & vehicle expenses – you can claim the portion that is used for business.  Travelling to work is not deductible for most people.

Remember to keep good records and receipts. Need help? Contact Chambers & Partners www.chamberspartners.com.au  Tel: (03) 9926 0500.

 

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