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New financial year, new start! We hope you’ve all got your tax return preparations in and have made some plans ahead to kick some goals for your business. The start of the financial year is a good opportunity for you to look into implementing some changes that you’ve wanted to make. In the long run, this means fewer headaches when preparing for the end of the financial year in 2020.
ICYMI – Last month, I also shared with you 14 tax tip videos to help with your preparations. Check it out if you’re still in the middle of your tax preparations!
Tip of the Month
I’ve received a lot of great feedback from everyone about the Mamba Mentality video as this is not the usual kind of video I produce. However, this has inspired me to change it up a bit from less practical tips to more business mindset advice.
I share a video about just getting stuck into trying to start a business. A lot of people spend a lot of their time procrastinating on the idea of starting a business, but very rarely actually try and start one. To echo the famous 1994 Northern Territory commercial – “you’ll never never know if you never never go”.
Feel free to share this video with any friends, family or colleagues if you think it’d be helpful!
As it’s coming to tax season now, here is a quick list of common tax deductions for businesses and individuals:
- Materials and purchases
- Repairs and maintenance
- Advertising and sponsorships
- Mobile cost
- Registration, licenses and subscription Fees
- Insurance premiums
- Interest expense on credit cards, business loans and car loans
- Education and training cost
- Internet bill and router or any equipment cost related to internet
- Hiring of equipment
- Tax agent fees for last year’s tax return
- Donation to charity
- Rental expenses
- Tools and equipment
- Laptops or computers or tablets used for work
- Work clothing
- Office expenses
- Rental expense of home office
- Work-related and business travel expenses such as public transport or taxis/uber
- Light meals and staff amenities
- Motor vehicle expenses
- Superannuation contributions
- Security expense
New Resources Page
The team and I are working on redesigning the look of the resources page on our website, as a place to provide more helpful tips and advice for your business. We’ll be creating some new pieces of content that are more in-depth to better guide you in your decision-making. Stay tuned for updates.
Important Upcoming Dates
15th July: Issue PAYG withholding payment summaries to employees (if not on STP yet)
22nd July: June Monthly BAS Due
29th July: June Quarter Super Guarantee Due
29th July: June Quarterly BAS Due for self lodgers
29th July: June Quarter PAYG Instalment Due
What’s Happening at Box AS
The feedback about all of the content being produced has been overwhelmingly positive! If there is anything in particular that hasn’t been covered that you would love to see, then feel free to let me know simply by replying to this email or commenting on any of our social channels. As a small ask, if you have anyone who you think would benefit greatly from the content, please share or tag them.
As always, thank you so very much for your ongoing support. This is all part of our continuing mission to simplify the process of running your contractor or small businesses.
Until next month..