среда, 7 мая 2014 г.

Аўстралія. Саветы па аптымізацыі падаткаабкладання бізнесу, якой ажыццяўляецца ў хатніх умовах / Австралия. Советы по оптимизации налогообложения бизнеса, осуществляемого в домашних условиях

Smart Tax Bulletin
Home | About UsTwitter LinkedIn



5 tax tips for a home-based business


Wednesday, 7th May, 2014, by Channa Perera
In today's Smart Tax Bulletin:
  • Tax-saving tips if you carry out a home-based business
Dear Reader,
As I promised last week, I’m bringing you some more tax-saving tips. This time for our owner-operator readers who conduct business from their home base...
5 tax tips for home-based business
1. Separate business expenses
If it is possible, try to separate all business expenses from personal expenses. This makes it much easier to gather all business-related receipts and you will not miss any claims to valid deductions.
Tip: Maintain a separate credit card and a bank account for the sole purpose of business-related purchases.
2. Running expenses
These are the costs that incur as a result of running your business from your home. You can claim a tax deduction for these expenses, as long as they are for business use and not for general household expenses.
Tip: To get a deduction, you must clearly identify the portion of the expense that is attributable to the business. There are two ways of doing that:
  • identify the percentage of floor space that is for business use compared with the entire home; or
  • compare the costs before and after setting up the business at home.
Generally the cost of electricity, gas of using a room (for business), phone bills and cleaning costs can be deductable as long as you substantiate your claim is reasonable and that the private portion of the expense has been excluded.
Continues below…
...................................................................................................................................................................................................
 If you ever have to implement a redundancy in your workplace, you’ll need these 9 essential document templates on hand:
 
• Retrenchment Letter
• Statement of Service
• Redeployment Letter
• Without Prejudice Letter
• Deed of Release
• Notice to Centrelink of Proposed Terminations
• Letter setting up Consultation Meeting
• Consultation Meeting Checklist
• Redundancy checklist

Click here to find out how you can get
all of these documents today
...................................................................................................................................................................................................
3. Motor vehicle expenses
You might not be aware of this but home-based business owners have the added advantage of deducting any travel costs incurred for business.
Expenses such as visiting clients, travelling to buy supplies and equipment, and even banking are tax deductable.
Tip: A small business entity can instantly write-off:
  • the first $5,000 of a new or used vehicle; and
  • eligible business assets you buy that cost less than $6,500 per asset.
4. Occupancy expense
You can claim occupancy expenses relates to the cost of owning, renting or using a home, e.g. mortgage interest, council rates, rental payments and building and content insurance premiums.
Tip: To claim a deduction for these expenses you must qualify for the interest deductibility test.
If you run a professional practise or a business, to qualify, the following criteria must be met:
  • the place must be clearly identified as place of business (a sign at the front of your house);
  • the designated space is unsuitable for domestic purposes; and
  • the  designated space is being used to meet clients.
Important: If you decide to sell the house, you are obligated to account for any capital gain attributable to the business area of the home.
5. Spend more
Spend a bit more on business advertising, incentives for employees and insurances to minimise the tax you have to pay.
Why?
The tax paid to the ATO is calculated on the income earned after expenses. So the more you spend genuine business expenses, the less you have as taxes.
Depending on your business structure and your current circumstances, taking advantage of these tax deductions could be a bit tricky. So seek advice where necessary.
Until next time,
c
Channa Perera
Editor
Smart Tax Bulletin




Like the Smart Tax Bulletin? Check out our other free bulletins:
Workplace BulletinWorkplace Bulletin
Get the very latest employment law tips, ideas, news and practical advice sent straight to your inbox. Click here to sign up now.

Health & Safety BulletinHealth & Safety BulletinAll the latest tips, tools and strategies you need to help you stay on top of health and safety laws. Click here to sign up now.


Please whitelist the Smart Tax Bulletin to make sure you get every edition delivered to your inbox.
The information in this email is intended solely for the addressee. Access to this email by anyone else is unauthorised. If you are not the intended recipient, please return the message to the sender and delete it from your records. All content is © 2007-2013 Portner Press Pty Ltd All Rights Reserved.
Disclaimer: We research our recommendations and articles thoroughly, but disclaim all liability for any inaccuracies or omissions found in our publications. Click here to view our Privacy Policy and Terms and Conditions.
Queries: For general enquiries, email cs@portnerpress.com.au or call 1300 782 911.
Smart Tax Helpdesk: Paid subscribers to the Smart Tax Handbook can ask our experts for advice.
Syndication: To republish a Smart Tax Bulletin article, please email cs@portnerpress.com.au for information.
Smart Tax Bulletin ISSN 1838-9651
Portner Press Pty Ltd
96-98 Bridport Street
Albert Park VIC 3206
Australia