Just because the $30,000 Instant Asset Write-Off is available, doesn’t mean small business owners have the available cash to make the most of it ahead of EOFY. But there is a workaround.
You don’t have to spend big on your hospitality business to generate significant tax deductions this EOFY, writes Renae Smith.
With just under two months until the EOFY, SMEs around Australia are starting to get all their ducks in row in preparation for tax time. Here are some things they’re doing this year and the reasons behind them.
Every end of financial year tradies prepare their tax returns, and sometimes a big dose of hope comes into play about what can be deducted. Want to avoid the ATO fishing you out?
Every end of financial year, retail workers get busted for claiming expenses that don’t match the ATO’s rules. Want to avoid the ATO sniffing out your mistakes?
Every single end of financial year sees hospitality workers get caught for claiming expenses that fall outside the rules. Want to avoid the ATO’s eagle eye?
Every single end of financial year sees office workers pinged for claiming expenses they’re probably not entitled to. So how do you avoid the ATO net closing in?
How to take stock – and conduct a stocktake – before 30 June.
Normally we do a spring clean, but with business, we need to do a financial year clean.