DO IT BEFORE IT’S TOO LATE!!!
Aspire Now, QuikBooks, and Accountants Daily, shows to keep you up-to-date strategies and quick tricks that are helpful and necessary to tackle the biggest deadline of the year.
We also revealed, after a rollercoaster year of budget announcements, election debates and back-and-forth Senate exchanges, what changes, tweaks and new additions there are to the tax landscape ahead of 30 June, and how it will impact you.
• Key changes this financial year
• Expert strategies for managing EOFY
• Do's and don’ts: Avoid common mistakes in the lead-up to 30 June
and much, much more!
Budgets, elections and a back-and-forth exchange on the Senate floor have made for a vibrant year. But it is the tweaks and new additions to the tax landscape that are troubling small business owners, making this EOFY more delicate than the last.
Aspire Now and Intuit QuickBooks partnered with Accountants Daily and MyBusiness to produce a webcast on the key changes ahead of the biggest deadline of the year, 30 June.
Aspire Now brings you exclusive insights into everything you need to know ahead of EOFY.
Here are the main takeout’s:
- ATO’s red flag
This year, the ATO will specifically be targeting false clothing and laundry work-related expense claims.
While some Australians are required to wear uniforms, protective wear or occupation-specific clothing, last year around 6 million people claimed work-related clothing expenses, a figure the ATO finds very unlikely.
- Think twice about end-of-year buys
EOFY is a time of sales. But small businesses are advised to think twice before making a purchase under the guise ‘I’m making money by buying it’.
Ask yourself: ‘do I need this asset and am I really getting a good price?’
- Be wary of the traps
The ATO is becoming more and more sophisticated with data analysis and information sharing possibilities. Using the latest tech, the Tax Office is able to isolate data and target people more accurately.
“The ATO is becoming very sophisticated and the software they now use is giving them a lot of opportunities to pick out those little things.”
Things you can’t claim include:
- Getting yourself to work and back
- Meals eaten during work time
- Extended travel on work trips
- Your suit, white shirt or black work pants
- Your internet and mobile phone use
- Overseas holidays
- Pet dogs
- What can I claim?
While the list of non-claimable items may seem worryingly long, there are plenty of ATO endorsed ways to make some money come tax time.
Things you can claim include:
- Work-related car expenses
- Internet and mobile phone expenses if you’re working from home
- Home office expenses
- Your personal laptop if it’s used for business
- Cost of managing tax affairs
- Technology to the rescue
All of the above tasks can be streamlined with the use of technology.
Solutions such as QuickBooks Online allow taxpayers to throw away those shoe boxes, photograph their receipts and store them in the cloud.
Keeping travel logs has also been digitised. Simple apps, available online, can track your mileage automatically and maximise your deductions.
If you to know more or you need any assistance in any of the above please do not hesitate to call me or the Aspire Now team on 07-3899 8062 for assistance.
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Mr. Carlos Rodriguez - Principal at Aspire Now
Aspire Now Head Office,
5B, 2994, Logan Road,
Underwood, QLD 4119
(07) 3899 8062