Tax time is coming
With the shortest day of the year being yesterday, it reminds us that the end of the financial year is approaching, which means that it will soon be time to think about tax returns.
No-one likes paying tax, so claiming for expenses is an important part of preparing your tax return. For businesses, corporate gifts to clients are often claimable but entertainment (such as tickets to sporting events, meals or holidays) are not. A similar ruling applies to gifts to employees, so the Christmas party is not deductible but physical gifts, such as hampers or bottles of wine (under $300) are claimable.
Anyone running a small business from home can claim a portion of their heating, cooling and lighting bills, office equipment expenses, and the cost of business cards and other printing services.
In a personal tax return the tax-payer can claim work-related expenses for which they haven’t been reimbursed and they have records to prove the outlay. These expenses can include tools, professional memberships and registrations, education, laundry and dry-cleaning and travel expenses.
The City of Parramatta Library is holding a series of free tax help sessions at different times and locations with the Australian Taxation Office on hand to help people gain confidence to complete their tax return correctly. Contact the library through its website or on 1300 617 058 for session times and venues if you wish to access this service.
No-one likes paying tax, so claiming for expenses is an important part of preparing your tax return. For businesses, corporate gifts to clients are often claimable but entertainment (such as tickets to sporting events, meals or holidays) are not. A similar ruling applies to gifts to employees, so the Christmas party is not deductible but physical gifts, such as hampers or bottles of wine (under $300) are claimable.
Anyone running a small business from home can claim a portion of their heating, cooling and lighting bills, office equipment expenses, and the cost of business cards and other printing services.
In a personal tax return the tax-payer can claim work-related expenses for which they haven’t been reimbursed and they have records to prove the outlay. These expenses can include tools, professional memberships and registrations, education, laundry and dry-cleaning and travel expenses.
The City of Parramatta Library is holding a series of free tax help sessions at different times and locations with the Australian Taxation Office on hand to help people gain confidence to complete their tax return correctly. Contact the library through its website or on 1300 617 058 for session times and venues if you wish to access this service.