Since we are on the topic of travel and holidays, why not also breakdown how you can make a holiday tax deductible. Business travel involves being away from home for at least one night for business purposes. Reasons for business trips include visiting customers or suppliers, meetings at other company locations, professional development, attending seminars, and networking, etc. Business travel days include days spent travelling, weekend days which are between two business days and days where more than 50% of the day was business activities. A travel diary will be required to keep data of the business activities and correctly apportion the expenses. The expenses that can be claimed whilst travelling are meals, accommodation, air and taxi fares and motor vehicles expenses. Please contact us if you would to maximise your tax deductions during your next trip.

The loss carry back tax offset is a recent offset which will be available this financial year. Eligible entities will be able to carry back tax losses made in 2020-2022 income years. The offset would be applied to any income year between 2019-2021 where profits were made and income tax became liable to the taxpayer. This offset is only available to eligible entities including companies, corporate limited partnerships and public trading trusts that carry on a business and have a turnover of less than $5 billion. This is a great tax saving for small corporate businesses so please ensure that you contact your accountant to carry-back your business losses to be refunded for previous income tax paid.

Important Dates!