Whether you choose not to hire a bookkeeper or contract the services of a Melbourne accountant, then chances are, you will probably commit one of the common mistakes businesses make when it comes to filing taxes.
Like everyone else, it is always our desire to pay lesser taxes and keep most of the revenues to ourselves. In order to do this, you will need the assistance of a seasoned Melbourne accountant to ensure all possible tax deductions are maximised.
The problem is, with people choosing not to hire a bookkeeper, most records and receipts are not properly managed and filed accordingly. Here are some of the most commonly overlooked tax deductions:
Non- Cash Donations Donated To Charity
If you are planning to donate clothes or other items to charity, or perhaps some office furniture and fixture, make sure you furnish your accountant the receipt detailing the value of your donation. It i important though that you have documents to back up your claims in case of audit.
Business-Related Travel Expenses
Whether it’s by land, by plane or by sea, if your work requires you or your representative to travel, then you will want to hand over all receipts to your bookkeeper. This can include dining out with a client when in the process of securing deals or simply strengthening ties. Make sure you keep all supporting documents in case to support your claims.
All furniture and fixtures depreciate in value. With this in mind, you want to keep track of the depreciation schedules so you can deduct total value of items accordingly.