To help SMEs make the most of tax time and identify opportunities that have fallen out of the 2015 Federal Budget, the following is 5 helpful tax tips to be considered.
You may be able to claim self-education expenses such as textbooks, stationery and computers, provided the study is related to either maintaining or improving your current occupational skills, or it is likely to increase your income from your current employment.
- Outright deductions for eligible small businesses
If you’re an eligible small business, you may be able to claim an outright deduction for every item purchased before the year’s end that is for full business use under $20,000.
- Work-related claims
If you are employed you can claim up to $300 for work-related expenses without providing documentary evidence, provided the expenses were incurred in doing your job. If you are claiming over that amount you must keep receipts for the total claimed.
- Make the most of being small
If you have a business turning over under $2 million per year, you could be classified as a small business entity and could be eligible for some tax breaks.
- Working from home
When part of your home has been set aside primarily or exclusively for the purpose of doing work, you may be able to claim a deduction for home office costs such as heating, cooling, lighting, and even depreciation of your office equipment.