Tax Tips – 2020

Start 2020 on the front foot

While your normal new year’s resolutions may be to do more exercise or spend more time with family and friends – here are somethings you can do now to make tax time easier.

If you are running a business, things you should think about:

(a) Download the free ATO’s ‘MY Deduction App’ to provide an easy to use app on your phone: https://www.ato.gov.au/General/Online-services/ATO-app/. With this app start:

(a) Start taking photos of your business receipts that you think may be deductible

(b) Start recording your work related travel in your car (date, start and destination, purpose of trip) – you can even use GPS

(c) Subscribe to the ATO’s Small Business Newsroom

(d) Do a ‘business performance check’ with the ATO app to see how your business compares to others in the same industry.

(b) Consider if you are eligible to claim an immediate deduction for business assets purchased for less than $30,000 purchased up until 30 June 2020

(c) Consider if your clothing is deductible – particularly as protective clothing or if it has a registered design.

(d) Do a superannuation health check:

a. Consider consolidating multiple superannuation accounts

b. Are you able to put more money into superannuation (think about the limits/caps that apply each year: $25,000 for concessional, $100,000 for non-concessional contributions)

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