With grants and tax breaks announced in the budget, the timing of buying business assets to grow your business is crucial. The government’s ‘Full expensing’ scheme allows instant write off business assets, so now is the perfect time to buy that new UTE, computer or that new set of tools.
The government is also allowing taxpayers to self-assess the tax effective lives of eligible intangible depreciating assets, such as patents, registered designs, copyrights and in-house software.
Knowing what tax-deductible expenses you can claim before the end of the financial year could mean hundreds of dollars more at tax time. Things like home office expenses, mobile phone costs, subscriptions to Zoom and many other things could be claimed this year.
Having a Tax Planning meeting will give you that extra time to get receipts together, provide records of number of hours worked from home and maybe consider that last minute top up of your Superannuation.
To book your appointment, please give us a call on 1300 513332 or use our online enquiry form.
We can offer initial consultations, advice and support over the phone if you have any concerns about face-to-face meetings.
Date published 21 May 2021 | Last updated 21 May 2021This article is intended to inform rather than advise and is based on legislation and practice at the time. Taxpayer’s circumstances do vary and if you feel that the information provided is beneficial it is important that you contact us before implementation. If you take, or do not take action as a result of reading this article, before receiving our written endorsement, we will accept no responsibility for any financial loss incurred.
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