Entrepreneurs wanting to make deductions for home office and other work related expenses should ensure they have all related logs and receipts for computers, home phones, mobile phones and time spent in home offices.

"Make sure you have the receipts and invoices for any purchases you have made, details of professional association expenses and union memberships, tools and equipment purchases that you have used for work. Professional subscriptions are also deductible," Frank Brass, regional director of H&R Block says.

"If you or your family members need to have some medical work or procedure done, it is worthwhile trying to bunch them into one financial year as you are entitled to a rebate of 20c in the dollar for every dollar spent over $1500."

Also keep in mind that deductions can be claimed for up to $300 in work-related expenses with no receipts required, as well as up to $150 for laundry claims above the $300 no-receipt limit.

There are also deductions available for depreciation of home office equipment and a professional library, and education expenses directly related to your field of work.

ref: http://money.ninemsn.com.au/article.aspx?id=826007

 

Businesses which have the benefit of large amounts of available capital should determine if any payments can be made in advance to take advantage of deductions in the current tax year.

But Chris Hope, partner at Pitcher Partners, warns that prepaid expenditures usually don't qualify for deductions unless they are less than $1000; are required to be paid by law; are part of salary or wages; and cover a period of less than 12 months.

But paying interest in advance for income-producing activities, such as rental properties, may allow you to qualify for deductions if paid before 30 June.

ref: http://money.ninemsn.com.au/article.aspx?id=826007

If you are operating a business and your annual revenue is less than $2 million, you may qualify as a small business entity and therefore be eligible for several tax concessions.

These benefits include CGT small business concessions, FBT, GST and PAYG concessions.

ref: http://money.ninemsn.com.au/article.aspx?id=826007