Company Tax Return Edithvale – welcome to MAS Tax Accountants Melbourne head office
When you decide to operate your business as a company, then you are liable to lodge
an annual company tax return showing your taxable income and the amount of tax due
on that income.
Methods of keeping your accounting records
Generally, you can choose accrual or cash method to keep accounting record for your
business. When you are using accrual method, you can claim most expenses incurred in
the daily operations of your business in the year they are incurred. However, if you are
using the cash method, you can claim the deductions in the year you actually pay for
these expenses, rather than in the year these expenses were incurred.
Deductions of your business expenses for your Company Tax Return Edithvale
Before claiming an expense as a deduction, you have to ensure they are directly related
to assessable income and must not exceed maximum amounts set by the tax laws.
Some examples of business deductions:
- General office supply expenses, like stationery.
- Phone expenses.
- Plant and equipment depreciation expense.
- Motor vehicle expenses.
- Advertising expenses made for your business.
- Super contributions you make for yourself and for your employees to a complying super fund or retirement savings account.
- Salary and wages.
Our Edithvale team are business specialists having many years experience advising a wide range of businesses. Our office is level 1 267 Nepean Highway Edithvale 3196 we are right opposite the Edithvale train station.
For an appointment please give us a call on 1300 627 829
