"I love paying tax" said no one, EVER! With the end of the 2021 financial year less than two months away, here are nine things every business owner needs to look at before the new year begins:

The number one question we get asked is “what business costs are tax deductible?” The simple answer is – money spent on costs to run your business, that are not capital (for example, land buildings, plant and equipment) or personal are tax deductible. But it is not that simple. Australia has over 6,000 pages of tax legislation! Here, in 2,000 words is our very brief summary of tax deductible business expenses.

As Australia burns, many of us have already or are considering donating to one of the many appeals set up for this worthy cause. You may have also seen items being auctioned, sold or raffled all in the name of raising money, not to mention charity events and dinners and buckets being handed around at one of the many sporting and social events you attend over summer. There is often some confusion in these types of situations as to what can and can’t be claimed as a tax deduction. So why does it matter how the funds are raised and received when it comes to claiming a tax deduction?