Your Guide to EOFY Tax Deductions

Your Guide to EOFY Tax Deductions

As we approach 30 June (end of financial year), now is the time that you may be looking to optimise your tax deductions which can help to maximise your tax savings.
Your Guide to EOFY Tax Deductions

To assist you with this, please read the following blog which will give you an indication on some things you may be able to take advantage of as well as some things to steer clear from.

BUSINESSES

Daily Expenses

Daily Expenses

Deductions can be claimed for ‘everyday’ business costs i.e. rental costs, stationery/office supplies and maintenance costs.

Wages

Wages

Settling things such as salaries and wage costs (plus super contributions) prior to 30 June can maximise your deductions.

Business Asset

Business Assets

Take advantage of the instant asset write-off on any eligible purchases.

INVESTORS

Interest on Investment Loans

Interest on Investment Loans

Interest charged on loans against an investment property can be deducted including fees that relate to servicing the loan.

Maintenance Costs

Maintenance Costs

Any repairs or maintenance costs associated with investment properties are deductible.

Property Management Costs

Property Management Costs

If you have a company managing your investment property on your behalf you can deduct costs such as agent fees, advertising etc.

INDIVIDUALS

Work

Work

Tools and equipment used specifically for work can be claimed outright if they are under $300, anything over $300 needs to be depreciated. Remember to keep any receipts.

Education and Study

Education and Study

Study and education costs that grow your skillset and can be applied to your current job role can be claimed. (Course Fees, Stationery, Textbooks etc)

Charity and Donations

Charity and Donations

If you have donated to a registered charity then this expense is tax deductible (if over $2).

WHERE TO PROCEED WITH CAUTION

There are many ‘red flags’ the ATO is always on the look out for when it comes to deductions, we strongly encourage that you have a good understanding of what is a ‘no no’ when claiming deductions.

Expenses that bridge the border of personal expenses when you are in business is something you need to be careful of. You should have receipts and documents to back up any business-related claims. Vehicles can be a cost you need to be very careful of as these have very strict guidelines if you are claiming them for business use.

Also avoid claiming for deductions that you simply do not qualify for. If you aren’t sure of what claims are suitable the ATO has a very clear list of allowable deductions, an accountant will also be able to advise you properly and ensure you remain compliant with the ATO.

OUR BEST ADVICE

Be prepared and start your tax planning early ahead of the EOFY. For tailored advice and assistance when it comes to deductions please get in touch with our team.

Leave a comment

Google Review
Osborne Park Office
18 Sangiorgio Court, Osborne Park WA 6017
Locked Bag 4,Osborne Park DC WA 6916
(08) 6165 4067
Mon - Fri: 8.00 am - 5.00 pm
Port Hedland Office
15 Edgar Street,Port Hedland WA 6721
Locked Bag 4,Osborne Park DC WA 6916
(08) 6165 4067

Osborne Park Office

18 Sangiorgio Court, Osborne Park WA 6017
Locked Bag 4, Osborne Park DC WA 6916
Mon - Fri: 8.00 am - 5.00 pm

Port Hedland Office

15 Edgar Street, Port Hedland WA 6721
Locked Bag 4, Osborne Park DC WA 6916
(08) 6165 4067

Copyright © 2022 Armada Accountants & Advisors.
ALL RIGHTS RESERVED 

Armada Accountants Pty Ltd – ABN 79 009 298 542, Armada Financial Planning Pty Ltd – Corporate Authorised Representatives of Armada Wealth Management Pty Ltd AFSL 535978, Armada Lending Pty Ltd – ABN 20 603 067 983 – Authorised Corporate Credit Representative (470054) of BLSSA Pty Ltd (ACL 391237), Armada Audit Services Pty Ltd – ABN 39 151 015 002, Armada Business Services Pty Ltd ABN 29 008 762 481 are members of the Armada Group. Each member of the Armada Group is a separate legal entity in its own right and is not in partnership with any other members of the Armada Group. Liability limited by a scheme approved under Professional Standards Legislation.



Armada Accountants & Advisors acknowledges and pays respect to the past, present and future Traditional Owners and Elders of this nation and the continuation of cultural and spiritual practices of Aboriginal and Torres Strait Islander peoples. Armada also acknowledges the Traditional Owners of the land where our Perth and Port Hedland offices are located, the Whadjuk Noongar People (Perth) and Kariyarra People (Port Hedland).

Armada Accountants Pty Ltd – ABN 79 009 298 542, Armada Financial Planning Pty Ltd – Corporate Authorised Representatives of Armada Wealth Management Pty Ltd AFSL 535978, Armada Lending Pty Ltd – ABN 20 603 067 983 – Authorised Corporate Credit Representative (470054) of BLSSA Pty Ltd (ACL 391237), Armada Audit Services Pty Ltd – ABN 39 151 015 002, Armada Business Services Pty Ltd ABN 29 008 762 481 are members of the Armada Group. Each member of the Armada Group is a separate legal entity in its own right and is not in partnership with any other members of the Armada Group. Liability limited by a scheme approved under Professional Standards Legislation.


Armada Accountants & Advisors acknowledges and pays respect to the past, present and future Traditional Owners and Elders of this nation and the continuation of cultural and spiritual practices of Aboriginal and Torres Strait Islander peoples. Armada also acknowledges the Traditional Owners of the land where our Perth and Port Hedland offices are located, the Whadjuk Noongar People (Perth) and Kariyarra People (Port Hedland).

Copyright © 2022 Armada Accountants & Advisors.
ALL RIGHTS RESERVED 

Terms of use | 
Privacy Policy | Site by Command IT Services