What to Bring to your Tax Appointment
Date posted: Sunday, August 4, 2013
We’ve talked about SBE (small business entity) and non-SBE taxpayers, now it’s time to actually claim your tax. Here are some things you’ll need to bring with you when you come to your next tax appointment with us.
- Stocktake details as at 30 June
- Debtors listing (including a list of bad debts written off) as at 30 June.
- Creditors listing as at 30 June
Let us help you simplify your tax and accounting today. Give the Pakenham Taxation + Accounting team a call on (03) 5940 1836 and let one of the experts help you claim all your tax.
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Maximising Deductions for SBE Taxpayers: Prepayment Strategies
Date posted: Sunday, July 21, 2013
Continuing on from our last topic about maximising deductions for SBE (small business entity) taxpayers, we’ll now look at prepayment strategies.
So what does this mean for SBE taxpayers?
SBE taxpayers making prepayments before 1 July 2013 can choose to claim a full deduction in the year of payment where they cover a period of no more than 12 months (ending 1 July 2014). Otherwise, the prepayment rules are the same as for non-SBE taxpayers.
The kinds of expenses that may be prepaid include:
- Rent on business premises or equipment
- Lease payments on business items such as cars and office equipment
- Interest
- Business trips
- Training courses
- Business subscriptions
- Cleaning
Let the team at Pakenham Taxation + Accounting make life a little easier by helping you with all your end of financial year needs. Call the team on (03) 5940 1836 and make a booking today.
Sign up with Pakenham Taxation + Accounting to receive tips on how to better manage your personal and business tax.
Maximising Deductions for SBE Taxpayers: Accelerating Expenditure
Date posted: Sunday, July 7, 2013
Over the last couple of weeks we’ve looked at non-SBE (non-small business entity) taxpayers and how they can maximise deductions. Now let’s take a look at how SBE taxpayers can do the same thing.
There are two ways in which SBE taxpayers can maximise deductions, one is by accelerating expenditure and the other is by prepaying deductible business expenses. This week we’re going to focus on accelerated expenditure.
So what is accelerating expenditure?
It’s where SBE taxpayers can choose to write-off depreciable assets that cost less than $6,500 in the year of purchase. Also assets costing $6,500 or more can be depreciated at 15% (which is half the full rate of 30%) in their first year.
If your business chooses to use the SBE depreciation rule it is effectively ‘locked in’ to using this rule for all depreciable assets.
Accelerating expenditure can be a little confusing and tricky. If you have any questions call us on (03) 5940 1836 and make a booking with one of the Pakenham Taxation + Accounting experts who can help you with all your tax, finance and accounting needs.
