The most common question accountants get asked is “what can I claim as a tax deduction?” and one of the most common things people ask us to do is to “just claim the standard deduction.” In this blog post we are going to take a deep dive into when you can claim for travel expenses and how to make sure you are making a valid claim.

The most common question accountants get asked is “what can I claim as a tax deduction?” and one of the most common things people ask us to do is to “just claim the standard deduction.” The good news is that motor vehicles are one of the most commonly claimed larger value items, and the bad news is that there is no such thing as a standard deduction. In this blog post we are going to take a deep dive into when you can claim for car expenses and how to make sure you are making a valid claim.

I don’t think I have ever met anyone who loves getting things ready for tax time. Even I don’t like getting my own things in order! I find getting a system in place and staying organised is the best way to tackle tax time. It also has the added bonus of being able to use the data you have to gather for tax to more effectively make decisions in your business, so it is a win win. Here are my tips for getting up to date and staying up to date:

Adrienne owns a small architecture firm and spent the 2018-19 Christmas break reading Mike Michalowicz’s book, Profit First. She was so excited by the read and wanted to implement it in her business straight away. I was a little sceptical as being an accountant I know that being in business is about cashflow first. Curious, I decided to have a read. I wasn’t long into the book before I realised it’s about a methodology to manage cashflow. I settled in and enjoyed the read.

The budget delivered by Prime Minister, Scott Morrison, last Tuesday night was all about getting the economy moving after the shut-down caused by Covid-19. The theme of the budget was getting people back into work and tax cuts. So, what does this mean for small business?

I am yet to meet anyone, other than an accountant, who gets excited about tax time. With a fear of a tax bill, a loathing of paperwork and complex web of tax law to navigate it is no wonder most people find it a bit overwhelming, but with our savvy tips tax time will be a breeze!