Liberty Wealth Group
The rules as set down by the Taxation Department (ATO) are very complex for business and as a result can be confusing. They are also constantly changing so keeping up to date is essential. You as a business owner should be free to concentrate on your business. We as taxation accountants keep up to date by attending seminars and forums to understand and decipher the maze that is Australia’s taxation legislation and the way in which the Taxation Department is going to interpret that legislation.
You can claim most costs associated with running a business but there are some costs that you can’t claim or if you do incur these costs may render your business subject to Fringe Benefits Tax (FBT). Some simply cannot be claimed as a deduction or need to be capitalised (depreciated).
Costs that are of most concern are:-
- Motor Vehicle costs
- Travel costs
- Repairs and replacements/improvements
- Plant and Equipment
- Timing of deductions
- Startup costs
- Trading Stock
- Goods for own use
- Superannuation contributions
- Home business costs
You can legitimately claim business costs but if you have any queries or concerns, and you provide us with all the relevant information, we can answer them for you.
We at Liberty Wealth Group are here to help business with their taxation considerations.