Deductions you can claim For your tax return, you're entitled to claim deductions for some expenses, most of which are directly related to earning your income. To claim a work-related deduction:
o you must have spent the money yourself and weren't reimbursed
o it must be related to your job o you must have a record to prove it If the expense was for both work and private purposes, you can only claim a deduction for the work-related portion.
o Vehicle and travel expenses
o Clothing & laundry
o Gifts and donations
o Home office expenses
o Tools & equipment
The Top 5 Forgotten Tax Deductions
1. The fee your Accountant charges you is tax deductible. Why would you do it yourself?
2. Union/Membership fees
3. Work related Car Expenses
4. Home office expenses
5. Mobile Phone Expenses
Irrespective of who wins the federal election, small businesses will have tax breaks and benefits to look forward to in the new financial year. Unincorporated small businesses can look forward to the tax discount of 5% this financial year ending 30 June 2016. The discount is capped at $1,000. Incorporated businesses also have a reduced income tax rate of 28.5 per cent. There are other tax measures that small businesses can benefit from such as the instant asset write-off up to $20,000.
ENTREPRENEURSHIP The new tax incentives aim to support a culture of entrepreneurship and innovation by encouraging investment in early stage innovation companies. From 1 July 2016 new tax incentives come into play, providing concessional tax treatment to eligible investors who invest in Australian early stage innovation companies with high growth potential. These tax incentives are designed to connect these companies with investors that have the funds and experience to help them grow. Find out if your company qualifies as an early stage innovation company.
Companies with less than $10m turnover will pay 27.5% corporate tax rate from July 1. Ambition to lower corporate tax rate for all firms to 25% by July 2026. Multinational tax crackdown expected to yield $3.9b over next four years.