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What Do Deduct And Claim On Tax?

The skies are dark, the sales are on, and every ringing phone strikes fear into the hearts of Australia’s accountants.

Yep, it’s that time of year again — tax time.

For the handful of small business owners who are confident across their finances and tax obligations (must be nice), the end of the financial year is probably like any other month. However, for the vast majority of taxpayers, it’s a scramble to gather faded receipts and furiously Google what deductions can be claimed as the dreaded July 1 deadline approaches.

To help take some of the pressure off, we have compiled a list of tax tips to help you get your affairs in order, and your claims perfected before it’s too late.

The small business sector has variously been described as the engine room of the economy, as well as the biggest employer in the country – and it’s not hard to see why. Recent research undertaken by the Council of Small Business Organisations of Australia (COSBOA) showed that small businesses were responsible for generating 5.1 million jobs, or around half of private-sector employment. The Tax Office says that there are about 3 million small businesses in Australia, including primary production concerns, which represents around 96% of all business.

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