Six Tax Saving Tips

Six Tax Saving Tips

With tax time just around the corner businesses everywhere are looking for ways to reduce their tax and increase their claim. With that in mind, we have compiled seven easy tax savings tips that will help any business take on the end of the financial year with confidence.

TIP 1*: MOVE WHAT YOU CAN
Move business expenditures into the current financial year so you can reduce more from your taxable income.

TIP 2*: SPEND SPEND SPEND
Do you have money left over from your annual budget or your business has made a large profit? This is the time to spend on business assets, as anything that accumulates under $20 000 is immediately a tax write-off! This could include company uniforms, company vehicles, industry specific equipment, maintenance, even stationary!

TIP 3*: KEEP AN EYE ON FUNDS
Keeping track on your businesses funding can be beneficial when wanting to claim on interest and bank fees. If running a small business, it is always wise to keep funds in a separate account so it does not conflict with personal expenses.

TIP 4*: GET ORGANISED 
It is just as important for small businesses as it for larger companies to record your revenue and expenses (even without an accountant it can be made easier with tracking software). This means when it comes to tax time it can be a lot easier to claim on business expenses.

TIP 5*: HOME-BASED BUSINESS
Did you know if you operate your business from your home, a percentage of your home expenses can be counted as a tax deduction? Like utilities, home internet, insurance and phone bills.

TIP 6*: DO SOME GOOD
Giving to a registered charity not only shows that your business is as a caring member of the community but it also counts as a tax deduction.  

ONTHEGO are ready to help you spend before the end of June 30. You can purchase corporate wear, uniforms and branded garments such as polos, hoodies, tees and jackets that are customisable to your business. Did you know that sponsoring a sports team is also a tax deduction, for example funding their team uniforms? Experience our 3D designer to get started on saving.

*These tips are simply ideas, we would advise checking with your tax advisor about your own situation.

 

Six Tax Saving Tips from OTG

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