From our blog
What business expenses can I claim this year?
With many changes to SBE entitlements throughout the year, it can be difficult to determine what deductions your Small Business may be entitled to. Here, Alex provides you with a quick, simplified rundown of what you may be able to claim.
Whilst you cannot claim private expenses, as a small business owner, you can claim a deduction for most costs you incur in running your business, for example staff wages, marketing, and business finance costs. Just remember to always ensure you keep records to support your claims.
If you or your employees travel for business, you can claim:
• airfares, train, bus or taxi fares
• accommodation costs and meal expenses for overnight business travel, noting that fringe benefits tax may apply for some employee travel expenses.
Can I deduct the cost of some assets straight away?
If you use the simplified depreciation rules, you claim a deduction:
• immediately – for the business portion of depreciating assets costing less than $20,000 each
• over time – for most other assets, combining costs into a small business pool and claiming a set percentage each year
• immediately – if the balance of your pool is less than $20,000 at the end of the income year.
What can I claim if I have a home-based business?
If you run your business at your home, or your business is based from home, you can claim the business portion of some expenses, including mortgage interest
Keeping in mind if you sell your home, you may have to pay capital gains tax (CGT) on the business portion and declare it in your tax return.
To find out more about what you can claim as a small business owner, give us a call. We are here to help!
Anti-competition laws a huge win for Small Business
The government’s move to legislate significant amendments to competition laws in a bid to deter anti-competitive conduct has been called a huge win, for small businesses in particular. The amendment will help address anti-competitive conduct and protect the competition process rather than the interests of individual players in the market.
In mid-August the Competition and Consumer Amendment (Misuse of Market Power) Bill 2017 was passed to implement a key recommendation of the Harper Competition Policy Review to strengthen Section 46 of the Competition and Consumer Act 2010. The 2015 Harper Review had found that the misuse of market power law was not reliably enforceable and did not effectively target and deter anti-competitive conduct.
The reformed Section 46 will prohibit a corporation from engaging in conduct with the purpose, effect or likely effect of substantially lessening competition in a market in which it directly or indirectly participates.
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