Independent LawnMowing Contractors Of Australia Forum
Results 1 to 8 of 8

Thread: tax deductables

  1. #1
    Sheedys Mowing
    Guest

    Default tax deductables

    This is my first year in business and i would normally ask my account but he is on hoildays so i will ask here, what percentage do you get back on tax deductable items, as this is my first year i have lots incl, all equipment, fuel, stationary etc. will it offset the income tax that i pay for the year or just help to keep it down, cheers

  2. #2
    Member of Forum haireyscarie's Avatar
    Join Date
    Dec 2006
    Location
    Mid Nth Coast nsw
    Posts
    451

    Default Re: tax deductables

    well
    with me any money that came out of my pocket
    was a deduction
    as i dont draw a wage
    []

  3. #3
    Sheedys Mowing
    Guest

    Default Re: tax deductables

    Hi gary i think if you can make enough to get by and have your equipment paid for in the first year that is a good result you will have established a small cliental that you can build on next year and that will be a hugh plus as it is regular ongoing work you can rely on, and the 2nd year should be more of a profitable one, it is a tough competive industry but if you hang in there the results are great

  4. #4
    Senior Member twin_cities_lawncare's Avatar
    Join Date
    Mar 2006
    Location
    Townsville, Nth Qld
    Posts
    225

    Default Re: tax deductables

    Tax deductible items will reduce the overall profit from your business, hence reduce your taxable income (so less $ to pay the government, when the time comes.)
    Someone else on the forum has recommended using the STS (Simplified tax system) and it is something you could discuss with your accountant when the time comes, as there are definitely advantages for relatively small businesses.
    Ciao for now ~ Christine
    senior partner of "Townsville Lawn Care"

    "Twin Cities Lawncare" was re-named in 2008
    due to the amalgamation of two local councils -
    Due to confusion of previous/current business name,
    I'm opting to post in here as Christine Wharton now

  5. #5
    Sheedys Mowing
    Guest

    Default Re: tax deductables

    Thanks twin cities that's what I wanted to know

  6. #6
    Senior Member bb1's Avatar
    Join Date
    Apr 2007
    Location
    Beaconsfield, Victoria
    Posts
    1,184

    Default Re: tax deductables

    Definitely STS, Depreciation, etc.

    But dont' forget we can claim uniforms, safety gear, sunscreen, fuel both mower and car, stationary, telephone, part internet and computer, membership of ILMCOA, etc, etc, anything you use for doing your job.

  7. #7
    Member irishjim's Avatar
    Join Date
    Aug 2010
    Location
    Bexley NSW
    Posts
    350

    Default Re: tax deductables

    Just wondering(maybe silly question)can you claim deductions for second hand equipment bought privately?as it's usually cash I'm thinking no...

  8. #8
    Senior Member BeetleJuice's Avatar
    Join Date
    May 2011
    Location
    South Australia
    Posts
    1,813

    Default Re: tax deductables

    Quote Originally Posted by irishjim View Post
    Just wondering(maybe silly question)can you claim deductions for second hand equipment bought privately?as it's usually cash I'm thinking no...
    Currently you can with the 2 years claim from tony Abbott.still will need a receipt as proof

Tags for this Thread

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •