8th September 2021 | Business
When it comes to tax time, do you know what expenses to claim? Don’t worry if you don’t know or feel unsure, we have all been through it and for some of us it takes years and years of paying tax to get it right. And sometimes we still don’t fully understand how it works. The tax system is always changing, especially with the 2020-2021 pandemic. These changes are based on the fluctuation of the economy and can be reduced or increased under any circumstances. In case you have forgotten, here I have listed some of the concessions you may be able to claim.
- Claim motor vehicle expenses
- personal services income
- Loss carry-back tax offset
- Job maker hiring credit
- Lower company tax rates
- Deductions on professional expenses for start-ups
- Legal advice, government fees
- Trading stock
- Deductions for pre-paid expenses
- Fringe benefit Tax
Depending on your business and the position you are in, you may be eligible for more tax deductions. To find out more you can visit the Australian Government website.
Or you can contact our Ax3 office on 03 9995 7261. Our friendly team can answer all your questions.
If you would like to enquire about business advice or Venture Capital please email info@Ax3.com.au
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