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19 September 2024
As we approach the end of the financial year, it is time to prepare your tax return.
To assist you in ensuring your information is accurately presented, the Australian Tax Office has forwarded to us a couple of simple guidelines to help make this process as smooth as possible.
Let’s talk record-keeping
Just like that, tax time is here, so, it’s time to start digging out those receipts! Or, if you used the ATO’s myDeductions tool. All you will need to do is whip out your device of choice.
Here are a couple of things to remember:
Speaking of receipts, they must show all of the following
You may need to keep other records depending on the expense type, such as a logbook of your car journeys or records of the hours you work from home.
To give you a hand, the Australian Taxation Office (AT) has provided a handy guide for beauty therapists to help you understand what you can and cannot claim this tax time.
Have further questions about your work-related expenses? Speak to a registered tax agent, or check out the ATO website for information on:
How to correctly claim tools and equipment
If you are planning to claim a deduction on tools and equipment, here is a guide to help you get your deductions right:
Claim deductions
Types of tools you can claim
Calculating your deductions
Records
With a little careful review, you can ensure that your business benefits from claiming your legitimate deductions within your tax return.