Whether you use a registered tax agent or lodge your own tax return, it’s helpful to have information you can refer to when you want to get ready for tax time.
The Tax Time 2020 toolkit is now available, and it includes a directory of links as well as several updated, and new, fact sheets for small business.
The fact sheets can help you get an overview of what you need to know if you’re:
-
claiming deductions for the costs of using your home as your main place of business
-
claiming a deduction for motor vehicle expenses for your business
-
claiming a deduction for expenses you incur when travelling for your business
-
a director or shareholder of a company that operates a small business, and you take money out of your company or use its assets.
We also have information to help if you’ve had to pause or permanently close your business due to COVID-19.
Ask for help if you need it, it’s never too late to speak with us or a registered tax professional.
Please contact us on PH: 1300 661 551 to seek further information on this topic.
Source : Ato.gov.au Small business newsroom June 2020
Reproduced with the permission of the Australian Tax Office.
This article was originally published on https://www.ato.gov.au/Newsroom/smallbusiness/General/A-handy-toolkit-for-small-business/
Important: This provides general information and hasn’t taken your circumstances into account. It’s important to consider your particular circumstances before deciding what’s right for you. Although the information is from sources considered reliable, we do not guarantee that it is accurate or complete. You should not rely upon it and should seek qualified advice before making any investment decision. Except where liability under any statute cannot be excluded, we do not accept any liability (whether under contract, tort or otherwise) for any resulting loss or damage of the reader or any other person. Any information provided by the author detailed above is separate and external to our business and our Licensee. Neither our business nor our Licensee takes any responsibility for any action or any service provided by the author. Any links have been provided with permission for information purposes only and will take you to external websites, which are not connected to our company in any way. Note: Our company does not endorse and is not responsible for the accuracy of the contents/information contained within the linked site(s) accessible from this page.
