The Australian Taxation Office has released a series of factsheets and videos to assist those working in the building and construction industry with their tax claims.
The factsheets--which are targeted at small business, employee tradespersons and apprentices—provide clear guidelines as to the types of expenses that are eligible for tax claims come the end of financial year.
AMCA members should pay particular attention to the guidance relating to the small business instant asset write off, which is available to eligible businesses for asset purchases up to $20,000.
Members might also provide employees with copies or links to the relevant factsheet posters to assist them with their personal tax returns.
Visit the ATO website for more information.