Once you have used the work test exemption for a financial year, it cannot be used again in the future. To qualify to make contributions under the work test exemption, your total superannuation balance (just prior to the financial year of contribution) must be less than $300,000. Those aged between 67 and 74 need to meet the work test to contribute, which means you need to be employed for at least 40 hours over 30 consecutive days during the financial year.įrom 1 July 2019, if you are aged 67 to 74 (measured at the time of the contribution) you may be able to continue making voluntary contributions for a further 12 months from the end of the financial year in which you last met the required work test, due to the work test exemption. If you’re aged under 75 1 you may be able to claim a tax deduction for personal super contributions made to an eligible super fund. Deductions for personal super contributions You should also consider whether you can claim the fees and interest from your business accounts and loans around tax time. Keep in mind that if you claim them this year, you won’t be able to claim them next year meaning you may have more tax to pay next year.įor more information, visit the ATO website. Eligible expenses include those that have a service period of 12 months or less, for example, annual policies, utility bills or professional subscriptions. Prepaying some expenses before 30 June can increase your allowable deductions for the financial year in which they are paid. Running your own business can be expensive, but you may be able to claim some running expenses as tax deductions – including ones you pay for ahead of time. Information is also available on the ATO website. In addition, certain small business entities may also elect to use the simplified depreciation rules to work out their tax depreciation claim.įor more information, please seek advice from a suitably qualified tax advisor. Tax depreciation is complex and different rules can apply, depending on the type of asset and its use. This is commonly referred to as tax depreciation. When businesses buy fixed assets, tax deductions are generally not available immediately (except in special conditions like the instant asset write-off – see above.) Rather, the cost of the asset is claimed over time, reflecting its decline in value. Not every purchase or expenditure may qualify, and the rules are complex, so you’ll need to seek your own independent taxation advice before buying the asset.įor more information, visit the ATO website. There may be time to make purchases for your business and claim the eligible amount against the income you earn in that year. This is provided they are first used or installed and ready for use within the time periods required by the ATO. If your business meets the eligibility tests, you may be able to claim asset purchases in your tax return for 2022. This is a rule that may allow you to claim eligible business assets, like vehicles, machinery and equipment in the year of expenditure. 1. Claiming the temporary full expensing of business assets
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