Tax tips for small business

It’s now a new financial year so it’s crucial to start organising your records for your 2023-24 tax return.  The Australian Taxation Office (ATO) offers various resources, digital tools and services to assist small business owners in managing your tax and super obligations efficiently.

Here are some helpful tips to keep in mind this year.

The 3 Golden Rules for Claiming Deductions

1. Business-Only Expenses: Ensure that the expense is solely for your business and not for private use.
2. Mixed-Use Expenses: If an expense is for both business and private use, only claim the portion related to your business.
3. Record-Keeping: Maintain accurate records to substantiate your claims.

For detailed information on business tax deductions, visit the business deductions page.

Contact our office on (03)9848 5933 if you need assistance on what you can claim as a deduction in the 2023-24 tax year.

Source: www.business.vic.gov.au