For individuals, Salary packaging can produce tax advantages where it enables concessional taxed benefits to replace the higher taxed income.
If you think that your car expenses for business purposes would be more than $ 4,400.00 (more than 5000 km drive), use the logbook method. Under this method, you should keep a record of the odometer reading and purpose of travel & percentage of business travel.
Please keep the diary for your home office expenses.
Business with an aggregated turnover of less than $5 billion may deduct the full cost of eligible depreciating assets that are first held, and first used or installed ready for use for taxable purposes between 7:30 pm (ACT time) on 6 October 2020 and 30th June 2023.
For business, if you want to get a deduction in bad debt, write off bad debt before 30th June
Bear in mind that you should not exceed the annual cap for concessional and non-concessional superannuation contributions.
To qualify for the government superannuation co-contributions, a contribution must have been made by 30th June but you have to pass the eligibility test.
You could only claim the work-related part of expenses. You could not claim any part of expenses that relates to personal.
If you have more than one job, please don’t claim the tax-free threshold from the second Job.
Please keep a record for all your expenses for five years. You could keep those records electronically. Keeping the records saves you a lot of money in your tax returns and it is also a requirement of the Australian Taxation Office.
You could only claim self-education expenses if it maintains or improves your employment skills or you’re learning something related to your job and it results in an increase in your income from your current employer.
You could claim occupancy expenses in your home office if you don’t have a separate office and you are running the business from your home.
