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How to get the most out of your accountant

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?

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How to get the most out of your accountant | Aspect Accountants and Advisors 1

Employee denied deductions for work-related expenses

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.

Employee denied deductions for work-related expenses | Aspect Accountants

Continued ATO focus on holiday home rentals

The ATO has recently advised that they are “setting their sights on the large number of mistakes, errors and false claims made by rental property owners who use their own property for personal holidays”.

While it confirms that the private use of holiday homes by friends and family is entirely legitimate, the ATO states that such use reduces a taxpayer’s ability to earn income from the property, and therefore impacts on (i.e., reduces) the amount of claimable deductions.

As a result, the ATO has reminded holiday home owners that:

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Focus on Holiday Home Rentals by the ATO | Aspect Accountants

Taskforce to help digitise small business

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The Government has established a Small Business Digital Taskforce, to be headed by entrepreneur Mark Bouris AM, to ensure more Australian small businesses can thrive in an increasingly digital economy.

Mark Bouris said: “When a business begins to digitise and use digital tools, it opens up new opportunities to grow, diversify revenue streams, find talent, access finance, work smarter and enhance the value of the business when it is time to sell.  If you’re not going digital, you should be.”

Deloitte research has found that small businesses with advanced levels of digital engagement are 1.5 times more likely to be growing revenue, 8 times more likely to be creating jobs and 14 times more likely to be innovating.

The Taskforce will conduct a series of meetings, workshops and ‘hackathons’ with businesses over the coming months to explore impediments for business in engaging with digital technologies and how these impediments might be addressed.