Rethink Financial have compiled the latest tax tips, expertise and ways to use your Bartercard trade dollars, imparting invaluable advice which may reduce your tax bill. Check out these latest tax tips posted weekly in the lead up to tax time.
Keep a log book to ensure the maximum deductions are claimed for the business use of your vehicle.
Trading tip: Bartercard has a range of mechanics where you can service your car using trade dollars instead of cash, to keep more in the bank.
Plus to make the most out of your tax return, be sure to keep these tips in mind:
1) Income received in advance of services being provided is not assessable until the services are provided.
2) For taxpayers who report income on a cash basis, income not received until after 30 June is not assessable in that tax year.
3) For taxpayers who report income on an accrual basis, invoices not raised until after 30 June are not assessable in that year and deductions are available in the year when they are incurred (when liability arises) not necessarily when they are paid.
This information is applicable up to 30 June 2018.
This is general advice only – please seek specific advice for your own circumstances from your own professional advisor.
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