Tips for Tax Time:

By January 27, 2017Uncategorized

Include all your income
Declare all your cash and online sales in your tax return, including money you’ve earned from activities such as renting out a room or driving passengers for a fare (also known as the sharing economy).

Don’t miss out on deductions
You can claim deductions for most costs you incur while running your business. If you work from home, you can claim the business-use portion of some expenses. If you’re a sole trader, you can track your expenses using myDeductions in the ATO app.

Check if you have personal services income (PSI)
If you work for yourself and are paid mainly for your personal efforts, skills or expertise, you may be earning personal services income – which can affect the deductions you can claim. Use the Personal services income tool to work out if your income is PSI and if special tax rules apply.
Instant asset write-off
You can immediately deduct assets you’ve bought for your small business costing less than $20,000 each in the year you buy and use them, or install them ready for use.

Check your lodgment
If you’re preparing your own return, you must lodge by 31 October. If you’re using a registered tax agent, they’ll have different lodgment dates.

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