TEN TAX TIPS FOR SMALL BUSINESS 2019/20

Small and medium business entities (SMEs) have access to a range of concessions which not only help reduce their taxable income but are also designed to make tax administration easier. Dr Adrian Raftery, principal of Mr Taxman and author of 101 Ways to Save Money on Your Tax - Legally! 2020-2021 edition (Wiley, May 2020, AU$25.95), gives some excellent tips for small business owners to action and minimise your business’ tax bill this year.

SEVIN DEADLY TAX SINS

May 19, 2020

SEVIN DEADLY TAX SINS

The new financial year will soon be here which comes with it the annual obligation to submit our income tax return by 31 October. For many of us, the process is as painful as having your teeth pulled but the rewards can be great. Dr Adrian Raftery, principal of Mr Taxman and author of 101 Ways to Save Money on Your Tax - Legally! 2020-2021 edition (Wiley, May 2020, AU$25.95), shares with us seven common mistakes to avoid when doing your tax this year.
30 June is rapidly approaching and with every dollar counting during this COVID-19 pandemic now is the time to do some urgent tax planning. Dr Adrian Raftery, principal of Mr Taxman and author of 101 Ways to Save Money on Your Tax - Legally! 2020-2021 edition (Wiley, May 2020, AU$25.95), gives some excellent tips for you to action and maximise your tax refund this year.

A COVID-19 TAX TIP FROM MR TAXMAN #16

Can my company claim up to $150,000 on a new car under the instant asset write-off rules?
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comments-rhsLatest Comments

  • "Good pick up JAson - now corrected. Thanks. Makes the numbers even worse doesn't it!"

    By: Adrian Raftery at May 21, 2020 11:58PM

    Post: A COVID-19 TAX TIP FROM MR TAXMAN #16

  • "I would be hesitant to do that Stacey. If they have the recepts it should show location, date & length of parking so should match up with diary/Outlook calendar of where they were & what clients..."

    By: Mr Taxman at May 21, 2020 1:06AM

    Post: Claiming car expenses

  • "there is a error on your calculation, Car limit should apply on both depreciation and GST."

    By: Jason at May 20, 2020 11:43PM

    Post: A COVID-19 TAX TIP FROM MR TAXMAN #16

  • "Hi, can you apply log book percentage to parking expenses if the client has all of the parking invoice but can't pin point which ones relate to work trips? can's find anywhere to say that I can't do..."

    By: Stacey at May 20, 2020 12:42AM

    Post: Claiming car expenses

  • "Yes you will need to keep a log book of your travel for a minimum of 12 weeks in order to claim the work-related portion of your car's running expenses. Note the first and last trips of the day..."

    By: Mr Taxman at May 19, 2020 3:40AM

    Post: Claiming car expenses