The end of the financial year is a time to review records and assets and find out where to save on tax. These are five of the best tax-saving tips for businesses.
1. Fitouts and fittings – Everything from benches and seating to lights and kitchen appliances can be depreciated. Ask a quantity surveyor to provide an assessment to maximise the depreciation on these items.
2. Self-education expenses – The costs of any courses undertaken in relation to work can be deducted. Ensure staff training programs are claimed for in the business’s tax return.
3. Bring forward purchases – Any purchases for the next few months should be brought forward so that they can be claimed for before the end of the financial year. This allows the businesses to save on tax this year rather than having to wait.
4. Old equipment – Obsolete equipment can be written off if it is no longer being used. Anything from the kitchen microwave to old office furniture can be fully written off for a small tax deduction.
5. Business vehicles – The tax office allows a few different ways for claiming on depreciation and running expenses for vehicles that are used for both private and business purposes. Businesses should review these to see which allows them the highest tax savings, advised Hospitality Magazine.
