Top 15 Business Tax Deductions by Daniel Vasin

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1 Top 15 Business Tax Deductions by Daniel Vasin Tax planning is an effective way to legally reduce tax before the end of the financial year. It s what Vasin accountants are mainly doing for its clients in the three months prior to 30 June. By applying tax planning strategies you will retain more profits in your business and return more to the owners. One trick is to maximise your company s tax deductions this financial year. If these expenses are anticipated and made prior to 30 June 2010 the deductions can be claimed this financial year which reduces taxable income and ultimately reduces the amount of tax to be paid. Tax planning is about taking control, being proactive and saving money. Any expense you incur in your business must be directly related to earning assessable income before you can claim it as a deduction. Use the Top 15 Business Tax Deductions to proactively minimise tax. These tax deductions are some of the most common reported in the financial statements of successful companies. TAX DEDUCTION 1 Advertising expenses You can claim a deduction for most advertising and sponsorship expenses you pay if you incur these expenses to sell trading stock, hire employees and gain publicity for your business name. TAX DEDUCTION 2 Business travel expenses You can only claim your business travel expenses if you: -have written evidence of all expenses, unless you did not stay away from home overnight -have travel records, if your business travel was for six or more consecutive nights away from home.

2 You must use a diary to record the particulars of each business activity before your travel ends, or as soon as possible afterwards. TAX DEDUCTION 3 Fringe benefits tax As a general rule, your business can claim a deduction for the costs it incurs when it provides a fringe benefit to an employee. This includes any fringe benefits tax it pays. TAX DEDUCTION 4 Expenses related to your home work area Doctors, Accountants, Architects, Solicitors, and Information Technology businesses that conduct business from their home love this tax deduction. If you operate your business in full or in part from home, you may be able to claim a deduction for: -rent, mortgage interest, rates, land taxes and house insurance premiums -phone rental and business calls, internet fees, depreciation of office furniture and equipment, and any additional heating, cooling, lighting and cleaning expenses. TAX DEDUCTION 5 Motor vehicle expenses Here s a legitimate tax deduction that will save you thousands. If you operate your business as a company, you can claim a full deduction for expenses you incur in running a motor vehicle your company either leases or owns. If you also use the vehicle for private purposes, you may have to pay fringe benefits tax, which is also a deduction. TAX DEDUCTION 6 Phone expenses If you use a phone exclusively for business, you can claim a deduction for the phone rental and calls, but not for installation costs. If you use a phone for both business and private calls, you can claim a deduction for business calls and part of the rental costs.

3 You can identify business calls from an itemised phone account. If you don t have an itemised account, you can keep a record for a representative four-week period to work how many business calls you make on average for the entire year. TAX DEDUCTION 7 Super contributions You can claim a deduction for super contributions you make for yourself (if you are self-employed) or for your employees to a complying super fund. To get a tax deduction for superannuation make sure you pay the super contributions by 30 June 2010 no later! TAX DEDUCTION 8 Salary and wages If you operate your business as a company or trust, your company or trust can claim a deduction for any salary and wages it pays to you or any other employees. TAX DEDUCTION 9 Tax-related expenses You can claim the expenses you incur in managing your business taxes. You can also claim the cost of obtaining tax advice about the everyday running of your business as an ordinary business expense deduction. TAX DEDUCTION 10 Repairs, maintenance and replacement expenses You can claim a deduction for repairs to machinery, tools or premises you use to produce business income. This includes the cost of painting, conditioning gutters, maintaining plumbing, repairing electrical appliances, ending leaks, replacing broken parts of fences or broken glass in windows, repairing machinery. To repair something generally means to fix defects, including renewing parts. It does not mean totally reconstructing something.

4 TAX DEDUCTION 11 Recruitment Costs You are entitled to a tax deduction for costs associated with seeking to obtain employees, such as advertising costs and agency fees. TAX DEDUCTION 12 Insurance Premiums paid for workers compensation insurance are deductible. Insurance paid for fire, theft, public liability, loss of profits and motor vehicle insurance (for cars used in the business) are also deductible. TAX DEDUCTION 13 Work-In-Progress Payments An amount paid in respect of work-in-progress is deductible under the tax law. TAX DEDUCTION 14 Legal Expenses Legal expenses connected with borrowing money to use to derive business income are deductible. Legal expenses incurred by an SME in defending its business practices are generally deductible. TAX DEDUCTION 15 Interest A big deduction is available this financial year for interest paid on investment loans. Speak to your bank manager or financier to benefit from paying interest in advance. If you prepay interest you are in a very strong position.

5 Keep tax deductions front of mind as you head towards the end of the financial year. There are more tax planning strategies and now is the time to implement them. In the end, you ll pay less tax. Entrepreneurs in small-and-medium size business engage our help for many reasons. Some want help legally minimising their taxes. For others, it s about feeling very confident and very safe that they receive great tax outcomes. Many are interested in personal service and proactive tax advice whilst having access to approachable, contactable, qualified accountants. For some it s about starting a new business venture on the right foot. For almost everyone it is to feel confident that they are doing the right thing and being taken care of. What is it for you? Whatever the result you are looking for our qualified accountants and expert tax advisors can help you achieve it. We ve helped thousands and we re good at it! our Client Services Coordinator at to arrange your complimentary consultation. Whether or not you decide to engage our services we ll get a great understanding of the issues facing your business and identify how you can achieve the confidence and security you deserve. There are no costs, risk, or obligation associated with this consultation. The biggest risk you can take is to do nothing at all! This is not advice. This is for your information only. Liability limited by a scheme approved under Professional Standards Legislation.

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