Tax Tips - Great for an Individual, Trust, Company or Partnership.

Here are some important Income Tax Return Tips for small and large business owners.

1. One of the basic tax tips is to defer employee income until after 1 July.
2. Businesses which have the benefit of large amounts of available capital should determine if any payments can be made in advance to take advantage of deductions in the current tax year.
3. Claim those home office and other work expenses.
4. The Federal Government increased the investment allowance from 30 percent to 50 percent for the current financial year. The break works by allowing businesses to claim a 50 percent allowance for any tangible, depreciating asset purchased for or above the value of $1000.
5. If you are operating a business and your annual revenue is less than $2 million, you may qualify as a small business entity and therefore be eligible for several tax concessions. These benefits include CGT small business concessions, FBT, GST and PAYG concessions.
6. The small business entity tax concession allows the immediate write-off for new, depreciating assets costing less than $1000. Additionally, businesses can pool assets together to reach over $1000 as a whole, and then depreciate them at accelerated rates.
7. If you are an entrepreneur with aggregated annual turnover under $50,000, you may be eligible for the entrepreneurs' tax offset, which is equal to 25% of the income tax payable on business income.
8. Most entrepreneurs would no doubt be aware of the Government's changes to superannuation from 1 July, which reduce the cap on heavily tax-concessioned voluntary contributions to just $25,000 for those under 50, and $50,000 for those over 50.
9. Bad debts should be written off before the year's end. "Anything that can be written off should be looked at before year's end."
10. There are a lot of opportunities to take advantage of for the Government's research and development tax concession. To be eligible to claim the tax concession, companies must put an R&D plan in place before 30 June detailing their projects for next year and how they will be funded.

If you are a small business owner and want to save tax, please consult our money saving experts.