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3 things business owners need to know this EOFY

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3 things business owners need to know this EOFY

During this time of the year, when we're immersed in thoughts and preparations for tax and the upcoming financial year, it's crucial for you as a business owner to address this less glamorous topic, “tax deductions.”  While it may not be the most thrilling topic for business owners to contemplate, understanding tax deductions can be incredibly empowering. Taking charge of your taxes not only alleviates stress but also allows you to feel confident about your business's financial success. Staying informed about changes and updates related to tax claims will be a crucial part of this process, ensuring a smoother and less stressful experience. With a proactive approach to taxes, you can focus more on growing your business and feeling positive about its profitability.

In this episode, we are joined by Mandy Stonard from our season sponsor, H&R Block, to talk about three MEGA things business owners need to know for this EOFY and the financial year ahead. Listen and get insights on the changes in how we deduct assets in the business, entertainment expenses, when food and drink are claimable, and changes to work from expenses.

Episode Highlights:

  • [00:01] Intro and a bit about our guest today, Mandy Stonard
  • [02:15] A bit about Mandy's background and what she does in the tax space
  • [03:26] Important changes to the way we deduct asset expenses in our businesses
  • [07:17] Common mistakes Mandy sees business owners making in asset depreciation 
  • [11:56] The biggest mistake business owners keep making when it comes to entertainment expenses
  • [13:17] Why the ATO tightened its allowances and rules around entertainment expenses
  • [15:28] Avenues to claim tax deductions when it comes to food and drinks 
  • [17:35] Commercial Break
  • [19:11] The change in how the deductions appear in the tax returns 
  • [21:29] Changes to the way we substantiate work-from-home claims 
  • [27:36] Changes to the shortcut method for work-from-home cents-per-hour claims 
  • [28:56] How the proof of expenses has changed record keeping for working-at-home 
  • [33:01] Wrap up on the three things you need to know about tax deduction 
  • [35:54] Ending the show

Standout Quotes:

  • “ATO tightened its allowances and rules around entertainment expenses to make sure it’s clear for everybody, and we’re doing the right thing.”-  Mandy Stonard [13:52]
  • “There are no specific self-employed deduction; it is a general based because the rules are the same, whether you are employed or in business."- Mandy Stonard [21:30]

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Thanks to our Season Sponsor H&R Block.

As Australia’s leading tax experts, the team are here to help, offering on-going support for individuals and small businesses, and FREE BAS services for all newcomers. Get more, for sure, with H&R Block. 

Visit hrblock.com.au to book an appointment.

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