Although the 2018-19 financial year is coming to an end, there are still a number of tactics you may be able to employ to ensure that you get the most out of your tax return.
Bring forward expenses:
It is a common recommendation at tax time for small business owners to claim all of the appropriate deductions that are available. These can include rent, utilities, repairs for the business, or work-related travel. You may also consider bringing forward as many expenses as possible to before 1 July, such as pre-paying rent or repair expenses. This can allow you to claim the necessary deductions in your 2018-19 tax return.
Take advantage of the instant-asset write off:
More business owners can take advantage of the instant-asset write off this financial year, as it has now been extended to include businesses with a turnover from $10 million to less than $50 million. These businesses can claim a deduction of up to $30,000 for assets purchased or installed and ready for use from 2 April 2019 until 30 June 2020. This could be particularly helpful for individuals who rely on tools, cars or other assets.
Keep strong records:
As a good recommendation to keep in mind for the end of each financial year, keeping up-to-date records can make tax time a little easier next year. It’s never too late to start getting your records in order, so consider keeping all of your documents together once you have filed your 2018-19 tax return. As an added benefit, a well-detailed set of records is the easiest way to resolve any issues that you may face with the ATO.