As a Small Business Owner did you know that you can claim the cost of an X-box, Foxtel or pinball machines as a tax deduction? If these are purchased for employees use only, at your work premises, then let your employees have some fun and benefit from a tax deduction. Even better: If they cost less than $20 000 then you can claim the full cost immediately. What a lot of Fun!!😂😂
The ATO have announced that the rate for work-related car expenses has increased for the 2019 tax year to 68 cents per km.
This is applicable if you use the cents per km method for calculating the expense.
Isn’t it great to have more money to spend on our families!
Another tidbit from the Money Matters Made Easy for Small Business accountant. Accolade Accounting
Small Businesses operating in the Cleaning and Courier Industries
The taxable payments reporting system is applicable to you as from 1 July 2018.
Previously only businesses operating in the construction industries were affected.
What does this mean?
You need to keep a record of the subcontractors you pay during the year and submit their details to the ATO by August 2019 for the 2018 year. Your accounting software package should be able to do this.
Should you need assistance in setting this up, please contact Neil from Accolade Accounting on 0421 824 137.