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TaxTipTuesday: I run my business from home. Can I claim my home office as a tax deduction

Tax tips, tax, business lunch, bookkeeper, ato, startups, small business,

This tax tip is based on our recent article in Startup Daily.

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If you are operating your business from your home, there is a chance that you may be able to claim a tax deduction on some or even all of your home office expenses in your tax return. These expenses include rent, equipment, furniture and more.

There are a few questions that you need to answer first in order to determine whether you can claim rent and other home office expenses. Continue reading “TaxTipTuesday: I run my business from home. Can I claim my home office as a tax deduction”

Tax Tip Tuesday: When is my Business Lunch Tax Deductible?

Tax tips, business lunch tax deductible, ato, tax, startups, small business, startups

Determining whether or not your meals can be claimed as a tax deduction can be very confusing for startups and small businesses. While its not a black and white area, there are some simple tips that you can follow to determine whether or not you can claim a tax deduction.

What are the questions you should ask yourself?

  1. Why is the food or drink being provided? That is, what is its purpose, if it is a social setting than the chances are its entertainment.
  2. What food or drink is being provided? As the meal becomes more elaborate i.e, a menu with matching wines, it starts to take the form of entertainment.
  3. When is the food or drink being provided? If the meal is provided during work hours, this is less likely to be entertainment, however it is important to consider at this point whether or not it its social.
  4. Where is the food or drink being provided? If the meal is consumed on your premises then it’s not likely to be entertainment. However at a restaurant it is difficult to say it isn’t.

These initial steps are what will help you work out whether your business lunch is tax deductible. Continue reading “Tax Tip Tuesday: When is my Business Lunch Tax Deductible?”

Tax Tip Tuesday – Are my work clothes a tax deduction?

Tax tips, are my work clothes a tax deduction, ato, small business, startups

In this Tax Tip Tuesday, we look at a question many business owners and employees ask ‘Are my work clothes a tax deduction?’

The ATO allows a tax deduction for a cost of buying and cleaning occupation specific clothing, protective clothing and uniforms that are distinct to your place of work. So what does this mean:

1. Occupation specific clothing

If your occupation requires you to wear specific clothing, that clothing is not something that you wear everyday or in a casual setting, and the public can easily recognise your occupation from your clothing, you can claim a tax deduction for that clothing.

A classic example is a chef’s outfit including the checked pants that they wear. Not something you really want to wear out of hours!

You can find more details on tax deductions for specific occupations here. Continue reading “Tax Tip Tuesday – Are my work clothes a tax deduction?”

Can I claim meals as a tax deduction?

Tax deduction, meals, coffee

One area which causes a lot of confusion among businesses is whether they can claim meals as a tax deduction.

It gets really tricky, and is not a simple yes/no answer. In some instances the Tax Office will allow a tax deduction in your business tax return for your meal. In other instances, the Tax Office will consider your meal as “Entertainment”. When classed as “Entertainment”, you are also subject to Fringe Benefits Tax (another tax).

What causes a lot of confusion on this topic is that the ATO has not provided a clear definition of entertainment when it comes to meals. They have, however, provided some examples which we use as a guide, and which asks four questions to reach a decision as to whether your meal is entertainment or not. Continue reading “Can I claim meals as a tax deduction?”

Is my business lunch a tax deduction? Nudge in Shoestring

Tax deduction, business lunch

“Is my business lunch a tax deduction” was our article last month for leading Start-Up publication, Shoe String Why? Because it is one area which causes a lot of confusion and start-ups and small businesses want to understand whether meals (and coffees) can be claimed as a tax deduction.

It’s not a black and white area so we thought that some simple tips can help go a long way in working out whether you can claim a tax deduction. So what are the questions that you should ask (and that the ATO wants you to consider):

  1. Why is the food or drink being provided – i.e. what is its purpose of the event. If it is provided in a social setting, then the chances are that is is entertainment
  2. What food or drink is being provided – is it a light meal provided at work or is it a set menu with matching wines. As the meal starts to become more elaborate, it starts to take the character of entertainment
  3. When is the food or drink being provided – meals provided during work hours are less likely to be entertainment, however with this point it’s especially important to consider the purpose and whether it is social.
  4. Where is the food or drink being provided – meals consumed on your business premises are less likely to be entertainment. At a restaurant, it is difficult to say it isn’t.

It’s important to consider these initial steps to help you work out whether you can claim a tax deduction on meals (and coffees).

And for more information on this, and the next steps we take at Nudge, you can read my article here.

Cheers
Emma

We Are E.S.T. 2012

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At Nudge, we do it all for your small business: bookkeeping, accounting and tax. we can also help you with tax advice, company setups, personal tax, monthly performance summaries and specialist advice for small business owners. All work is completed by Aussie Accountants so you’ll never have to worry about compliance again.

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With the uprising of technology and the plethora of competition in the majority of industries, business owners tend to seek help and assistance in managing and tailoring their business to suit the era’s needs and expectations. The process of accounting provides reports that bring key financial indicators together. Understanding financial concepts and gearing clients to financial success is what we exceed at here at Nudge Accounting. Our expertise lingers throughout the field of online accounting and engulfs all financial cases. With years of extensive experience and a dedication for our clients success, we endeavour to evolve our existing methodologies, in order to transform into Australia’s leading online financial firm.

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A successful marriage between bookkeeping and accounting will contribute to the long-term financial success of any business. Nudge Accounting takes pride with their online bookkeeping and online accounting services that encompass all aspects and sectors of finance to ensure our clients receive the utmost finest service. Commitment is an attribute we stand for as client satisfaction is always key to evolution. Our reliability is second to none, as we ensure our clients are well organised and pursuit their financial tasks with accuracy and precision. Nudge Accounting propelled their excellence and with their dynamic team of online accounting professionals transcended competition and have cemented themselves as the leading online bookkeepers in Australia.

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Our software and technological client interface is meticulous and seldom do alternative online accounting companies acquire this quality of infrastructure. This is what portrays our excellence and gears Nudge Accounting towards success. We ensure client satisfaction, by going through all the details and explaining financial situations to our clients. Engaging the client is what makes us stand out! Online accounting software, combined with online accounting techniques is a much more effective procedure than filling out paperwork because half the work is already done for you! Nudge Accounting take pride in providing the utmost finest online accounting service across Australia, with a variety of small to medium businesses and accounting excellence, technology and Nudge go hand in hand, just like the glove fits the hand!

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Nudge provide exceptional accounting service and support whilst remaining price competitive. All of our packages provide the same great features for your small business accounting needs, which includes:

  • Performance Management Reporting
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