A common recommendation for business owners at tax time is to make sure you’re claiming all the appropriate deductions you can. From leasing bills, to utilities or products and services for your business, it’s important to be aware on what you can and cannot claim. Tax agents also often recommend businesses bring forward as many expenses as possible, such as pre-paying rent or repair expenses.
Tip 2: Revise, assess and plan
Don’t forget to plan for the year ahead! Use this time to look over your performance and take everything you’ve learnt from the past year, and create a plan for the upcoming year. Whether it’s marketing strategy, business growth plans or hiring a new sales advisor, set a plan in motion for the coming financial year.
Tip 3: Review your current systems
Check that all your current software licenses are up to date. This is a great time to revise what you’re currently using, and make sure it’s both up to date and relevant for your business plan going forward.
Tip 4: Keep SME-specific concessions in mind
One of the most popular features of federal budgets is the $30,000 instant asset write-off for small business owners, allowing them to claim immediate deductions for asset purchases up to the value of $30,000. However, despite its popularity, it’s likely some SME owners might forget about it. But, if you are a small business (with a turnover of less than $10 million), you can immediately deduct the business portion of most assets that each cost less than $30,000 (the instant asset write-off threshold) if they are first used or installed ready for use from 7.30pm (AEDT) 2 April 2019 to 30 June 2020. Want to learn more about this? Click here!
Tip 5: Seek expert advice!
If you’re unsure, it’s always a good idea to engage a professional advisor to help you through the processes and make sure that you are complying with the rules and regulations. Members of the Spacecubed community can seek assistance from Gooding Partners, a quality accounting, taxation, and business advisory service.
If you’re looking to secure a coworking membership for the upcoming financial year, book a tour of the space today!