A handy toolkit for small business

Whether you use a registered tax agent or lodge your own tax return, it’s helpful to have information you can refer to when you want to get ready for tax time.

The Tax Time 2020 toolkit is now available, and it includes a directory of links as well as several updated, and new, fact sheets for small business.

The fact sheets can help you get an overview of what you need to know if you’re:

  • claiming deductions for the costs of using your home as your main place of business

  • claiming a deduction for motor vehicle expenses for your business

  • claiming a deduction for expenses you incur when travelling for your business

  • a director or shareholder of a company that operates a small business, and you take money out of your company or use its assets.

We also have information to help if you’ve had to pause or permanently close your business due to COVID-19.

Ask for help if you need it, it’s never too late to speak with us or a registered tax professional.

Please contact us on Ph: 07 3340 5117 to seek further information on this topic.

Source : Ato.gov.au Small business newsroom June 2020 

Reproduced with the permission of the Australian Tax Office.

This article was originally published on https://www.ato.gov.au/Newsroom/smallbusiness/General/A-handy-toolkit-for-small-business/

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