Business Accountants Melbourne: Business Tax Deductions to Take Advantage of

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It’s safe to say that everyone welcomes tax deductions and looks for legal ways to reduce taxes whether as an individual or a business owner. The good news is you can claim deductions for many business expenses.

Accountants Melbourne & Bookkeepers Melbourne

Our goal is to empower you to become a better, more finance-focused and well-rounded entrepreneur. Contact us at info@skyacc.com.au or 1300 328 855

Here’s a list of tax deductions you can claim for your business.

You can immediately claim deductions for assets through the simplified depreciation rules. Those who purchase assets and first used or installed them from a particular date can claim tax deductions for each asset that costs less than: $20,000 for purchases before 28 January 2019, $25,000 for purchases from 29 January 2019 to 2 April 2019, and $30,000 from 2 April 2019 until 30 June 2020.

You can also claim tax deductions for business travels. Transportation, accommodation and meal expenses are all tax deductible. You may claim tax deductions for fringe benefits such as parking and electronic devices as well.

Those who operate a small business from home can claim the business portion of their expenses, including electricity and mortgage interest. If you claim mortgage interest though, it must be declared in your tax return and the sale of your home will trigger a CGT event.

Accountants Melbourne & Bookkeepers Melbourne

Our goal is to empower you to become a better, more finance-focused and well-rounded entrepreneur. Contact us at info@skyacc.com.au or 1300 328 855

Operating expenses may also be claimed in the same income year they were incurred. Some of the common operating expenses are purchase of trading stock, sponsorship, public relations and advertising costs, legal expenses, tender costs, bad debts, bank fees and charges, insurance premiums, loan interest, purchase of income-producing assets or production of assessable income, income tax obligations, employer superannuation contributions, tax lodgment, vehicle expenses, stationery expenses, website costs, software fees, freight expenses, waste and recycling expenses, parking fees and small value items that cost $100 or less.

Small businesses benefit from lower company tax rates and are eligible tax concessions. Small business entities can enjoy small business income tax offset where they can claim a tax offset on their tax payable for their net income from 5 – 8%. This will increase to 13% in the 2020-21 FY and 16% in the 2021-22 FY. You can also immediately claim fencing and water facilities depreciation deduction for costs from 12 May 2015 and fodder storage depreciation deduction for costs from 19 August 2018.

You can immediately claim deductions for prepaid business expenses where payment covers 12 months or less and the next income year. Start-up business owners can claim tax deductions for legal, professional and accounting advice and government fees as well.

Accountants Melbourne & Bookkeepers Melbourne

Our goal is to empower you to become a better, more finance-focused and well-rounded entrepreneur. Contact us at info@skyacc.com.au or 1300 328 855

Small businesses with a turnover of $2 million or less may claim CGT concessions on active assets used for the business. You can get a CGT exemption if you are 55 years or older and you sold an asset you’ve owned for a minimum of 15 years. This is ATO’s 15-year exemption. You can get a 50% active asset reduction and retirement exemption where an active asset may be exempted from capital gains tax for up to a lifetime limit of $500,000. For those under 55, the exempt amount must be paid into their super or a retirement savings account.

Those with 19 employees or less with a turnover of under $10 million may claim super tax deductions and access the Small Business Superannuation Clearing House which allows them to pay super guarantee contributions for all employees in one electronic transaction.

Sky Accountants Melbourne

As you look for different ways to grow and improve your business, seeking professional advice could prove to be an important and helpful decision.

You can click here to speak to a businessaccounting and bookkeeping firm. We also offer hospitality business consultation and mortgage services. We will give you a call to know more about your needs. We will explain to you how we can improve your business.

We would love to help you formulate investment strategies and streamline your processes to take your business to the next level.  Our goal is to help you grow your business, find ways to invest more and increase your productivity.

  1. Here are two other ways we help business owners grow their business:
  2. Take our free online assessment and see how much your business is currently worth (free 30page detailed report included)
  3. If you are looking to change Accountants or need advice on how to grow your business, organise a 1on1 session with a Sky Business Expert here

Email Address: info@skyacc.com.au

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Phone: 1300 328 855
Office Address: 902 Howitt Street, Wendouree, Victoria 3355, Australia
Postal Address: PO Box 2234, Bakery Hill, Victoria 3354

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Phone: 03 97444522
Sunbury Office Address: Suite 13, 33-35 Macedon Street, Sunbury, Victoria 3429, Australia
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Postal Address: PO Box 270 Gisborne Victoria 3437

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