It's almost that time of year again to be talking about tax returns.
And the focus at TD Accounting is to assist small business and individuals with Australian Tax Office compliance including tax returns, financial statements, GST and bookkeeping. Accountant John Daniel says by working with their clients closely in these areas they get to understand their financial needs.
"This close working relationship allows us to assist our clients to grow their business, minimise their tax, build their wealth and plan for retirement," Mr Daniel said.
TD Accounting was formed in 1996 with the key principles of 'Honesty, Integrity and Approachability'.
"As a family-owned small business, we understand the issues and pressures of running a small business," Mr Daniel said.
TD Accounting also has a Mortgage Brokering service available to all clients.
"We pride ourselves on being approachable to all those seeking assistance with their tax and GST compliance, and those looking for better value from their accountant," he said.
"With our focus on the relationship between ourselves and our clients we believe this ensures a better service for our clients."
Mr Daniel said common tax deductions included:
Donations: If you make regular contributions to a charity every month, you may be eligible to claim a tax deduction for those contributions.
You need to ensure you have a receipt for the donation, the organisation is a registered charity and the donation is more than $2.
Home office expenses: If you work from home you may be able to claim a deduction for some of your expenses such as telephone, internet and electricity. People need to be careful they apportion those expenses between work-related and personal. This is a grey area and people should refer to the ATOP website on how to calculate your home office expenses.
Work-related clothing: Not all clothing worn to work is tax deductable, and people must follow the ATO guidelines:
- It must be specific work clothing that is required for your job and compulsory to wear;
- It must have a logo;
- There must be a strictly enforced policy making that item compulsory to wear. For example, simply having to wear black is not specific enough to claim as a deduction;
- The clothing is required for your protection at work (e.g. safety glasses); and
- The clothing is occupation specific (e.g. black and white checked pants for chefs).
Mr Daniel said this information was to be used as a guide, and people should refer to the ATO website for more detail.