CEL Group
  • Home
  • About
  • CEL Accountants
    • Accounting Service Packages
    • Business Advisory
  • CEL Consulting
  • Les Freedman & Co
  • Newsletters
  • Resources and Links
  • Contact

Resources and Links

ATO’s Top 3 most frequent small business deduction queries

6/10/2017

1 Comment

 
Picture
Questions from small business taxpayers have made up a significant proportion of the enquiries the ATO fields in its day-to-day business. The ATO has had the opportunity to identify and share some of the top three tax deduction questions that applied to small business taxpayers.

Aside from specific deductions, the ATO also reminds small businesses that they can claim a deduction for most costs incurred in running the business, and this includes, for example, staff wages, marketing, and business finance costs. “Remember – you can’t claim private expenses,” the ATO says, “and make sure you keep records to support your claims.”

The top three deduction questions, and the ATO’s answers, are:
What business travel expenses can I claim? 
"If you or your employees travel for business, you can claim:
  • airfares, train, bus or taxi fares
  • accommodation costs and meal expenses for overnight business travel – fringe benefits tax may apply for some employee travel expenses.”
Can I deduct the cost of some assets straight away?
“If you use the simplified depreciation rules, you claim a deduction:
  • immediately – for the business portion of depreciating assets costing less than $20,000 each
  • over time – for most other assets, combining costs into a small business pool and claiming a set percentage each year
  • immediately – if the balance of your pool is less than $20,000 at the end of the income year.”
What can I claim if I have a home-based business?
“If you run your business at your home, or your business is based from home, you can claim the business portion of some expenses, including mortgage interest and electricity"

“If you sell your home, you may have to pay capital gains tax (CGT) on the business portion and declare it in your tax return.”

Tax practitioners with small business clients may want to refresh their knowledge covering these particular areas of taxation. The following links to the ATO website may help:
  • Business travel expenses
  • Simplified depreciation for small business
  • Home-based business
  • Deductions
  • Concessions for small business entitites (also available in Arabic, Chinese, Korean and Vietnamese)

Source: Tax & Super Australia
1 Comment
Victor Preston link
21/11/2023 08:51:44

Thanks for sharing this

Reply



Leave a Reply.

      Contact Us

    Submit

    Archives

    August 2020
    November 2019
    August 2019
    October 2018
    June 2018
    May 2018
    April 2018
    March 2018
    January 2018
    November 2017
    October 2017
    September 2017
    August 2017
    July 2017
    June 2017
    May 2017
    April 2017
    March 2017
    February 2017

    Categories

    All
    Accounting
    Business Innovation
    Consulting
    Legal
    Migration
    Realty
    Skilled Visa
    Temporary Work Visa
    Visa 188
    Visa 457
    Working Visa

62 Sanders Street UPPER MOUNT GRAVATT QLD 4122
​

Contact Us

Submit
  • Home
  • About
  • CEL Accountants
    • Accounting Service Packages
    • Business Advisory
  • CEL Consulting
  • Les Freedman & Co
  • Newsletters
  • Resources and Links
  • Contact