tax deduction Archives - Shakespeare Financial Services

Preparing for the 31 March Fringe Benefits Tax (FBT) Deadline

Shakespeare Partners — Thu, 12 Mar 2026 03:07:56 +0000

For many small and medium-sized businesses, Fringe Benefits Tax (FBT) can be overlooked until the end of the financial year. However, preparing early helps avoid unexpected liabilities, compliance risks and last-minute administration. The FBT year runs from 1 April to 31 March, and preparation before 31 March 2026 is essential to ensure your business records […]

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Claiming deductions on holiday homes

Shakespeare Partners — Wed, 01 Mar 2023 01:07:25 +0000

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The 120% Deduction for Skills Training and Technology Costs

Tony Da Silva — Fri, 27 May 2022 02:23:37 +0000

It’s a great headline isn’t it? Spend $100 and get a $120 tax deduction. Days after the Federal Budget announcement that businesses will be able to claim a 120% deduction for expenditure on training and technology costs, we started receiving marketing emails encouraging us to spend now to access the deduction. But, there are a few […]

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Tax and Normalisation of Cryptocurrency

Tony Da Silva — Fri, 12 Nov 2021 03:15:22 +0000

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Tax deductions for investing in your business

Tony Da Silva — Wed, 18 Nov 2020 08:50:26 +0000

Stimulating investment is high on the Government's agenda. To encourage spending, the 2020-21 Budget introduced a measure that allows businesses with turnover under $5bn to immediately deduct the cost of new depreciable assets and the cost of improvements to existing assets in the first year of use.

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Travel expense claims for small businesses

Kath — Mon, 19 Aug 2019 08:35:39 +0000

19 August 2019 Tax time tips: the ins and outs of business related travel expense claims. If you operate a small business, chances are you’ve incurred travel expenses as part of your day to day business activities. In most cases, these expenses will be tax deductible, but before you add them to your tax return, […]

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Tax return income and deductions checklist

Kath — Wed, 17 Jul 2019 07:41:55 +0000

17 July 2019 As tax time rolls around again, it’s important to understand what you need to declare as income, and what you can claim as tax deductions. Below is a list of items that you may need to consider, depending on your individual circumstances. Income It’s important to declare all forms of income on […]

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When to claim home office tax deductions

Kath — Wed, 17 Jul 2019 01:14:50 +0000

17 July 2019 If you perform some of your work from home, you may be eligible to claim home office tax deductions, even if the room is not set aside solely for work-related purposes. Home office tax deductions may be claimed for expenses that fall into the following categories: Home office running expenses relating to […]

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Rental property tax deductions

Kath — Tue, 16 Jul 2019 05:53:26 +0000

16 July 2019 If you’re one of the many Australians who own an investment property, now is the time to take stock of your incurred expenses and work out what you can claim as a rental property tax deduction, and what you need to declare as income. Income First and foremost, you will need to […]

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Small business asset scheme extended again

Kath — Wed, 30 Jan 2019 03:35:07 +0000

30 January 2019 The small business asset write-off scheme is set to be extended for another 12 months, stretching the deadline to June 2020. The Sydney Morning Herald reported that Prime Minister Scott Morrison announced the extension along with a $5000 increase on the total amount claimable, taking the threshold from $20,000 to $25,000. The […]

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