Businesses may be able to claim an immediate deduction for expenses through the temporary full expensing measure. This allows a business to claim an immediate deduction for new assets if they have a turnover of less than $5 billion, and for second-hand assets if the business has a turnover of less than $50 million. The assets must be first held, used or installed for use between 6 October 2020 and 30 June 2023.
For many of us working from home has continued to be a significant part of work life during financial year 2021-2022. Many employees don’t know they can claim a deduction for working from home expenses. Helping employees make the most of their tax return is a great way to set yourself apart as an employer who cares. There are three ways to calculate a claim. Employees should choose the one that helps them achieve the best return
As a SME preparing for your tax return is an important part of the EOFY processes. If your business has invested in your employee’s development, protected the team with COVID and health related purchases, provided re-imbursement for travel and car expenses it is important to capture that investment in your tax return.
However, if your business has requested that employees claim this back as individuals it is important to remind them of the boundaries.
With many businesses closing office doors in light of Covid-19, you are probably working from home. The end of the financial year is fast approaching, and you might want to start looking into the items you can claim while working from home.