How to get the best bang for your buck at tax time
Well it’s that time of year again, and as usual, it seems to have come around extremely quickly.
EOFY is approaching, and as tax time gets closer, most businesses are scrambling to maximise their deductions and claim as much as possible before June 30.
How are you going to maximise your deductions this year?
Here are a few ways to make the most out of your tax-time spending:
Property repairs/upgrade furniture
Perhaps it’s time to replace those tired old sheet sets? Or fix that ottoman in the corner that needs to be re-covered? Do you need to upgrade your signage? Take a look around your property and see if there’s anything that looks worn, broken or in need of replacement.
Generally hotel linen should last 5 – 8 years, so if it has been longer than that, it might be time to replace your sheets, commercial towels or blankets. Check for stains that can’t be removed, frayed edges and just general wear and tear, which all indicate it might be time for some new linen!
Do you have magazines in your foyer, on your coffee table or inside your holiday accommodation? A magazine subscription can be a good tax deduction, and will also keep your guests entertained during their stay.
When was the last time you re-decorated? Is the interior of your hotel/motel room, holiday house or Airbnb looking a little old? Does your artwork need to be upgraded? Check out our range of artwork before EOFY.
Re-order guest amenities
Now is a great time to do a stock take and replenish your guest amenities. It’s not long until the June/July school holidays begin, so make sure you have enough hotel supplies to get you through this busy time and put your orders in now.
Staff training/team building
Do you employ staff? Why not spend a few extra dollars and organise a team building activity, employee get-together or some training for your staff.
In most cases advertising and marketing is a tax deduction, so if you’ve been considering placing a newspaper/magazine ad, or spending money on advertising, you still have time to do this before EOFY.
It’s important to remember, before you make any purchases you need to understand your business structure, speak with your accountant and be clear on exactly what you can and can’t claim at EOFY.