End-of-Financial-Year Checklist for Businesses
Don’t let the end of the financial year catch you off guard. Use our EOFY checklist to get organized, stay compliant, and plan for growth. Read More…
Common Tax Deductions for Small Business
There are many expenses common to most small businesses, and there are other expenses that are specific to the nature of the goods or services the business provides. Are you claiming all the tax deductions that you are entitled to?
Expenses must relate to the running of the business and providing the goods or services that your business offers.
Some common expenses that are not deductible are fines and penalties, provisions for employee leave, donations to entities not registered as deductible gift recipients and entertainment.
There may be some expenses you want to query with us such as private usage of business vehicles, prepaid expenses, bad debts, loss of stock and borrowing expenses.
What’s on the ATO Radar for 2022?
This year the ATO will be taking a closer look at record keeping, work related expenses, rental property income and deductions and cryptocurrency transactions.
Other Common Tax Return Issues
Talk to us about what applies for your business.
Maximise Your Business Deductions
We can check your business’s eligibility for concessions, offsets, employer incentives and rebates and make sure your business is calculating taxable income correctly, so you don’t pay more tax than you need to!
With so many businesses still affected by COVID-19, it’s important to get the allowable tax deductions right for your business and get in
early for your tax return. This way you get more time to plan for payment, or if you are due a refund you will see it in your bank sooner.
Please feel free to get in touch with your WDF Professional contact or phone 02 6921 5444 to talk with us about how we can help make tax time easier for you.
End-of-Financial-Year Checklist for Businesses
Don’t let the end of the financial year catch you off guard. Use our EOFY checklist to get organized, stay compliant, and plan for growth. Read More…
What makes a business expense tax deductible?
The ATO recently published some ‘wild claims’ that business owners had tried to make for business expenses. But what CAN you claim and what CAN’T you claim? Read More…
Training vs Trial & Error: Why teaching your staff to use software properly pays off
Trial and error might feel easier, but proper training gives you clean data, confident staff, and the ability to use your software to grow your business. Read More…