Want to know our refinancing tips in 2018? Whilst you are tax planning for the end of financial year 2018, it may be a good opportunity to evaluate any current business or personal loans you may have. If done correctly, refinancing your loans can potentially save you hundreds if not thousands of dollars in the new financial year.
Why should you consider refinancing your loans in 2018?
Want to know our Tax Planning Tips for 2018? It’s time to start tax planning for the end of financial year 2018! The more organised you are this time of year the more you can potentially save. Minimising tax liabilities is a huge focus for Aspect Accountants and Advisors. We want to ensure your business is running in the most tax efficient manner possible. When it comes to tax time, you shouldn’t end up paying more than you are legally required to!
Let’s face it, if you’re a business owner one of the best skills you can learn to do is delegate. It can be hard at first, because your business is you baby. The sooner you learn to trust in the skill set and expertise of others the faster you can potentially grow your business.
We’ve got 3 tips for you as a business owner on how to get the most out of your accountant. Are you utilising your accountants to grow your business? Do you know what services Aspect Accountants and Advisors offer?
An employee photographer has been denied deductions for travel expenses (when travelling with his family), and other purported work related expenses.
The AAT (Administrative Appeals Tribunal) held that the travel expenses were primarily incurred for the purposes of a family trip or holiday and were therefore non-deductible, as they were private and domestic in nature.
Also, in relation to the taxpayer’s reliance on bank statements in the absence of invoices and receipts, the AAT observed that “evidence of the mere transfer of funds, be it by way of bank transfer or by any other means, is not sufficiently informative of the actual character of an expense”, so the other disputed expenses could not be claimed as allowable deductions.