The end of the financial year marks the time that taxpayers start to do their taxes. An important part of doing these is analysing expenses and determining if deductions can be made. Deductions occur when a taxpayer places a claim that can reduce their taxable income. A common example of these claims is work-related expenses such as paying for a uniform. Although there is an array of claims that can be made, some taxpayers become creative with their ideas. With the end of the last financial year, the ATO has published some of the most unusual claims that they disallowed last financial year.
Whether you are an individual, small or medium business, in partnership, a company or in a self-managed super fund, Crest Accounting can help you understand the process and improve your tax position. Crest Accounting have decades of experience and aim to create tax strategies to minimise taxes and meet objectives.
Before you complete taxes at the end of the 2019/20 financial year, Crest Accounting strongly advise you consult with your accountant. If you would like to contact Crest Accounting, click here and find your nearest office.