Tax deductions for small business
If you own your own small business, you’re probably already wearing multiple hats and don’t need to put on an extra one at tax time. We make it our business to comb every corner and discover all your deductions. As Australia’s leading taxation experts, we keep on top of all new tax changes likely to affect your enterprise. So, tick tax off your to-do list and rest easy knowing your return is in expert hands.
Small business deductions
Our philosophy is centred around tailoring tax to the nuances of your business. ‘Generic' tax returns that follow a ‘one size fits all’ approach are at odds with your business.
Specialising in discovering all the deductions your small business is entitled to, we guarantee the best tax outcome.
Here are some of the savings that your small business could take advantage of:
- Immediate deduction of assets costing less than $20,000
- Reduced corporate tax rate of 27.5% for companies or a 8% income tax discount up to $1,000 for unincorporated businesses
- Simplified trading stock rules, including not conducting a stocktake if you estimate that your trading stock’s value has not changed by more than $5,000 over the year
- Immediate deductions for certain prepaid business expenses of less than $1,000
- Immediate deductions for certain business start-up costs
- Exemption or reduction on capital gains tax from sale of business, based on ownership period and age
After all is said and deducted, we specialise in making small business tax simple. With over 40 years as Australia’s leading taxation experts, we’re fascinated by numbers – and great results.
The right records
We understand that when it comes to running a small business, keeping on top of your paperwork may be the last thing on your to-do list. So while you focus on running and growing your business, we’ll keep our eyes focused on getting your records in order and discovering the right deductions.
When it comes to records, the long and short of it is this - if you’re claiming more than $300 (excluding claims for car, meal allowance, award transport payments allowance and travel allowance expenses) we’ll need receipts or written evidence. Bear in mind that evidence must show you incurred the full amount of your claim, not just the amount over the first $300. For costs less than $300, you only need to be able to show how you arrived at your claim.
To make the most of tax time and get your refund as fast as possible, call 132325 and lock in an appointment at your local H&R Block office today.