Bartercard is preparing to maximise the 2014-2015 Federal Budget’s tax benefits for a host of its member businesses.
With just a couple of days to go until the end of the financial year, members till be able to maximise the amount of tax they will pay by using trade dollars and taking advantage of the government tax concessions.
Bartercard trade dollars can be directed towards goods and services such as accountancy fees, uniforms, painting and other operational supplies.
Accountant Joe Walsh, from Joe Walsh and Associates, said the big news this tax time “has been the Budget and the tax concessions for small businesses under the $2 million turnover.”
“This, combined with Bartercard facilities, makes the tax season a good opportunity for small business,” Mr Walsh said.
“Tax planning is always about accelerating expenses and deferring income, generally speaking, and a good thing about Bartercard is the flexibility to gain an extension of barter dollars – like an overdraft – and spending that before June 30 will have an instant tax offset of up to $20,000.
“Any consumable, from printing, advertising, stationary, packaging and staple supplies to capital deductions and equipment such as furniture, computers, cars, tools, blinds, printers and carpets, or pre-paid services like accounting and bookkeeping – basically anything that brings forward your expenditure line – can be immediately written off.
“Making the purchases with Bartercard dollars gives eligibility for a dollar-for-dollar deduction, so the two combined is good news indeed for small business members.”
Bartercard founder and South Gold Coast franchise principle Andrew Federowsky said his team’s aim was to offer business solutions for clients.
“This year’s budget was obviously positive for small business and we look forward to helping our members achieve the best possible tax outcomes,” Mr Federowsky said.
Source: Gold Coast Bulletin – page 41, Monday 29th June, 2015.