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The instant asset write-off extension and the small business energy incentive offer nice tax wins for bookkeepers and their clients.
With the EOFY 2024 approaching and the looming deadline to tidy up the general ledger and more for clients and accountants alike, the ABN highlights a few special tax claim must-dos.
ABN Director, Peter Thorp, says that new legislation from this year’s budget offers opportunities this year for bookkeepers and their clients.
New legislation expands deductions for small business
“There was an extension by 12 months of the instant asset write-off,” said Peter. “Businesses can claim outright deductions, rather than over years, for business assets up to $20,000.
“There’s also the new Small Business Energy Incentive that offers an additional 20% tax deduction for money spent up to $100,000 in 2024 on investments that reduce carbon emissions, with a maximum bonus tax deduction of $20,000.
“This is intended to help small businesses make investments like electrifying their heating and cooling systems, upgrading to more efficient fridges and induction cooktops, and installing batteries and heat pumps.
“This legislation is pending and could be tweaked in the process, but it’s expected to pass, and when it does there’ll be certainty and more information to hit the ATO website,” said Peter.
Communication with accountants is key
With accountants the biggest referrer of work to bookkeepers, Peter reiterates that the referrals rest as much on the accuracy of the numbers as it does on the way those numbers are communicated.
“It’s helpful to highlight to accountants’ possible expenditures you’ve become aware of that fits outside the usual,” said Peter. “Good narrations on bookkeeping entries for expenditure that may qualify makes it easier for the accountant.
“Pin receipts and invoices (or make copies of invoices available) to assist in the record keeping process and this makes it easier to facilitate claims.”
We invite you to become a member today to access a range of the latest EOFY resources and listen to our EOFY 2024 episodes from the Bookkeeper Radio and Online Coffee Club. You can also download checklists to streamline your EOFY processes.
