Tax Tips 2020

Prepaying | Is there anything you can prepay such as fertiliser, fodder or veterinary supplies?

Write-Offs | The instant asset write-off has increased from $30,000 to $150,000 from 12th March 2020 to 31st December 2020. These can be used or new assets.

Write Offs | Any tools or equipment need updating? Take advantage of the revised $150,000 instant write-off you may be eligible for.

Pre Purchase | Do you need to order some additional materials or need any repairs to your ute? You can do this before 30th June and reap tax benefits.

Working from home due to Covid19? You can claim some home office expenses. Normally the rate is 52 cents per hour for each hour worked at home. From the 1st of March 2020 to 30 June 2020 the rate has changed to 80 cents per hour. This higher rate includes additional costs you may incur such as telephone or internet in which you can claim a tax deduction for at the lower rate per hour based on business use. Additional costs to set up home office may be able to be claimed for such as purchase of new computer, computer supplies and office furniture.

Pre Payments | Did you know you can prepay 12 months of things such as rent, interest on some loans and in some cases equipment finance and get a deduction in the current financial year? What about prepaying subscriptions, union fees or replacing that old Apple Mac?

Superannuation + Insurance | Have you considered maximising your superannuation payment? Are there insurance premiums for income protection you can prepay?

Donations | If you have a favourite charity, now could be a good time to pass on the goodwill and make a donation (this is Jim's favourite).

Stock valuations | can take into account obsolete or decreased stock which can decrease your taxable income.

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