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Are small business losses tax deductible?

It's common for small businesses, any business for that matter, to run at a loss in the first few years of operation as the business is established, staff are trained up, customers are found, etc. The question is, can you claim a tax deduction for these losses at some stage, or are they lost forever?

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What is Single Touch Payroll?

Single Touch Payroll is a reporting system that allows the ATO to get access to your business payroll data every single time you make a pay run. It's not necessarily more work for you, but you do need to make sure you've got the right systems in place to keep the tax man happy.

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What's in it for me? Budget 2018

Considering you're all no doubt nursing  budget night hangovers, I thought it might be useful to provide you with a quick summary of the major announcements made during the 2018 budget that might affect you, our readers, just in case you've forgotten what happened last night.

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Can I claim a tax deduction for my bicycle?

Do you ride your bicycle to work or client meetings? If so, you may have wondered whether you can claim a tax deduction for it and thus help you justify the purchase of those new Zipp wheels which you simply must have for commuting. In this post we take a quick look at how the deduction rules apply to the humble bicycle.

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Are you at risk of an ATO audit?

If you saw the recent Four Corners investigation into the ATO which alleged questionable revenue raising tactics you may be worried about the exposure your own business might have to review or audit from the ATO. In this article we'll take a look at what the ATO are focusing on and how you can best protect your business and yourself personally from investigation.

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Why you really need to stay up-to-date with your superannuation payments

Superannuation forms an important part of the remuneration of employees and certain contractors and the government enforces non-compliance accordingly. So it's important to really understand what your obligations are when it comes to paying superannuation and what could possibly happen if you fall behind. In this article we'll take a look at both.

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Can I claim a tax deduction for making a contribution into superannuation?

Prior to 1 July 2017 the rules around claiming a personal tax deduction for contributions made into superannuation were really just limited to self-employed folk running a sole trader or freelancing business.

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The most common mistakes businesses make on their tax returns

Whilst the actual preparation of a business tax return is almost always handled by the trusty accountant, that doesn't stop people from making big mistakes when it comes time to doing the tax return for their business. With that in mind, we'll go over our top four mistakes commonly made by businesses at tax time and we'll be focussing here on companies, but much of this will also apply to those of you trading a partnerships, sole traders or trusts.

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Can I claim a tax deduction for my work travel costs?

Many of us need to do some sort of travel for work or business and it's not always reimbursed by our employer or client, so what of these costs can we claim at tax time and which ones aren't allowed? We'll largely be talking about employees here, but many of the same principles apply to those in business.

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Can I claim a tax deduction for private health insurance or medical costs?

One item of household expenditure we'd all rather do away with is paying for private health insurance and medical costs, but we figure if we're paying for it we may as well get a tax benefit, right? Unfortunately, this isn't always the case. Let me explain.

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