There are smart ways to save on your business tax, personal tax etc. It might be difficult for you if your bookkeeping services are not in order. Hiring some good tax agents Adelaide and bookkeeping services Adelaide is always a good option. Each year there are thousands of business owners both small and big who miss out on some of the most common tax deductions that you can claim.
Our tax agents in Adelaide can easily help you in defining and maximising your tax deductions. Many owners and small business entrepreneurs don’t realise what they are entitled to. The best way to keep up with the current changes and improvisations in tax trends is to consult Tax Agents Adelaide and Bookkeeping services Adelaide.
Here are some shrewd ways to save on tax:
1. Clothing Expenses:
It might sound strange but it’s true! You can claim any compulsory uniforms or certain clothing expenses that might incur at your workplace. This is a great way to write off on your personal taxes. And that’s not it! You can also claim money spent on your dry-cleaning, laundry etc.
2. Self Education and Skill Development:
If you have incurred any costs on tuition and fees for professional development, you can easily claim it for your personal tax. This could be extended to even your stationery, textbook purchases etc.
3. Assets and Expenses that Produce Income:
It is not just clothes but many other income related expenses that can be written off on your tax returns. These work related purchases are however, just levied upon on purchases less than $300. You can claim expenses on everything from buying any electronic tools, calculators etc.
4. Deferral of Income
When your cash flow is consistent and increasing in a good manner, it might be easier for you to have this deduction done for your tax returns. To figure out if your cash flow is going to do well in the short term, you need experts. Our Adelaide Bookkeepers, Adelaide accountants and tax agents Adelaide will help you with these calculations in a very swift manner.
Deferring the invoicing of work in progress and receipt of interest or any other income can be included in the deferral of income.
Small business that make prepayments for services for like rent, lease payments, interests, training courses, cleaning etc. This can also be done for big businesses but the regulations that are levied are a little bit stricter.
6. Write off Bad Debts
All business owners can get a deduction on their bad debts. But, then again the deduction would be much easier and more in amount for small business owners than those who own large businesses. Personal debts can however be written off when the entire debt is bad. Small deduction can’t be made on your tax returns.
7. Scrap off Obsolete Shares and Plants
You can deduce the amounts on any shares or stocks and plants that you are not able to sell off. Writing it off before the new financial year starts can be done. The amount deduced depends on a lot of factors and our tax agents Adelaide will help you figure this out easily.