Business Advice

Australian tax laws can appear extremely complicated. However, they actually aren’t. Sure, there are a lot of them, but once you find the ones which apply to you and your business, you shouldn’t have any trouble following them. If you are struggling with your tax, then consider seeking advice about the following concessions from your accountants.

Although most Australian businesses don’t do anything wrong on their tax return, according to accountants, in the government’s eyes at least – it is common to forget about or ignore tax concessions that they otherwise could have claimed. If you undertake any of the following activities, or if the following apply to your business, you may be able to claim more tax back at the end of the year:

Travel expenses

If you or your employees travel for work, you may be able to claim the cost of your travel, your accommodation costs and the cost of your meals on your tax return. Note that you can only claim costs like these if the trip is solely for business, and that you can’t claim everyday transport to and from work.

Sportsperson, entertainers and special professionals concessions

If you fall into the above category, and you earn a variable income, then you may be eligible for income averaging. This allows you to pay less tax in years where you earn a higher than usual income. People like artists, composers, inventors, authors or athletes can be eligible for this sort of concession.