Taxing time for business
THE 2009/2010 financial year is coming to a close with many businesses around Australia hoping that it’s one they’ll forget.
The global financial crisis mixed with higher business taxes and the economic downturn has left many with empty pockets with little or no change, however, Sally-Anne McIntosh from the Gladstone Bicycle Centre said Gladstone locals have supported local business with the last financial year being a good one.
“It’s been a good year. It hasn’t set the world on fire but it certainly hasn’t been a nightmare,” said Ms McIntosh.
“People need to keep every piece of paper and have all the ‘I’s dotted and ‘T’s crossed. The tax system is so tight I don’t know how anybody in business can do their taxes without an accountant.”
Gladstone GTC Financial Accounts Team Manager Ian Morris said the most important thing is if business turnover is under two million dollars in sales they have the opportunity to prepay expenses and get the deduction for them this year.
“If businesses pay expenses they have next year and they pay this year then they get the benefits this year,” Mr Morris said.
“It is important when people do their repairs and maintenance that it is genuine repairs and maintenance and not capital expenditure.”
Mr Morris said many businesses experience problems with their tax return and he recommends that unless you are an accountant, businesses should always get professional advice or they may have problems.