At the beginning of the calendar year many people have New Year’s resolutions about food, exercise or productivity. But at the beginning of the financial year fewer make resolutions to enrich their business self.
Of course we think that you should improve your skills and business contacts in a way that may be tax deductible – but each case will be different – so check with us first before making any monetary commitments, if tax deductions are part of your decision making process.
Invest in your skills-
Learning and development programs are good news for your team’s productivity and morale, and with any hope, will positively affect the overall financial position of your company’s growth. Your skills and your employee’s skills are one of the most import assets that your business has. Ask your accountant to explain what the rules are and how you can best leverage learning and development to minimize your taxes.
Network more-
Make sure that you get out of your comfort zone and meet business connections, prospects and your peers regularly. Rubiix director Stuart Coulthard attends BNI (Business Network International) each week and speaks highly of how it has played a positive role in his business development. Look around at networking opportunities in your industry or local area.
Keep your log book-
If you use your car predominately for business use, one method that can be used to claim the expense relating to your car is the log book method. This method requires you to maintain a log book for a 12 week period. If you find it difficult to keep a logbook you may find it useful to use an app. Logit Fleetcare is Australia’s first free and fully ATO compliant vehicle logbook app. It provides users the ability to easily record their personal or business journeys using GPS, effortlessly publish their logbooks at the end of every 12 week period and eliminates the need for a paper logbook. This ATO compliant logbook app means you no longer have to fill in a paper log book. This app helps you record your business use of the car on your device using the map technology.
If you prefer using the traditional paper logbook, ask Rubiix to mail you out their free logbook.