The Chasers Channel - Empowering Small Business Owners to Achieve the Dreams They Are Chasing!

This episode is about claiming a tax deduction for your personal superannuation contribution on your income tax return and the hidden trap if the relevant paperwork has not been completed, lodged and acknowledged as being received by your superannuation fund.

In such cases, there is simply no way to claim the personal contribution as a deduction.

The tax law doesn't provide any discretion to the ATO or the fund in this situation.

The Australian Tax Office or ATO pays close attention to the expenses claimed by landlords, especially those operating in the Airbnb space. They are ramping up its enforcement activities and will undertake 4,500 audits of taxpayers it considers are “high risk” because they claim expenses incorrectly, overclaim or don’t declare income relating to rental properties.

One area that is quite often misunderstood by landlords is the area of repairs & maintenance. They think that if they buy a house and decide it needs an internal paint before they try and get a tenant, they should be able to claim that painting expense as repairs and maintenance.

This is a common mistake and one quickly picked up by the ATO. 

But why is this not a repair?

This episode explores the differences between repairs and improvements and how you can still get a significant tax deduction for improvements or capital works with a specialised tax depreciation report.

Buying off the plan is a strategy for buying property, residential or commercial,  where a buyer purchases a property that has not yet been built or completed.

The buyer is essentially buying the property after carefully examining the construction plans and the finishes included without actually viewing the completed product. Hence the term buying "off the plan" as it is based on the blueprints and design plans provided by the developer.

However, when buying a property that is yet to be built, there are some important considerations to think about before signing a contract.

This episode looks at some of the pros and cons to consider before buying off-the-plan.

Landlords always want to maximise their rental property tax deductions and want to claim work done on their properties as repairs because that means a 100% immediate tax deduction.

A common mistake that landlords make is incorrectly identifying the type of expense insured when claiming expenses for work done on their rental properties.

It's important to understand the difference between repairs & maintenance to the rental property and capital improvements.

Obtaining finance can be more challenging for self-employed business owners compared to borrowers with a regular pay cheque. 

However, there are ways to improve your chances of securing financing as a self-employed business owner.

This episode is about the importance of having a business plan before starting (or buying a business) or if you have an existing business.

We often see small business owners dive into entrepreneurship without a proper plan, and this can lead to a lot of difficulties down the road.

It is your map for the direction of your business and shows where you are heading, how you will get there and what roadblocks you can expect along the way to watch out for.

We discuss what a business plan is, why it is important and who should have one.

As tax time is upon us once again, many taxpayers find themselves uncertain about what they can claim as deductions to minimise their taxable income.

One area where mistakes are frequently made is claiming for clothing purchased for work purposes, even if required by the employer. While claiming work-related clothing expenses is allowed under certain circumstances, misunderstanding the rules can lead to potential errors, unwanted audits and the resulting penalties and interest for getting it wrong!

This episode discusses some common mistakes taxpayers make when claiming clothing expenses and how to avoid them.

Retail and Industry Funds, you know those ‘compare the pair’ funds that you see on TV, don’t allow members to hold property. 

Superannuation is usually a lower tax environment and can offer protection against bankruptcy so it makes sense to have your SMSF hold property.

Now, sometimes, you may feel that a property that you own in your own name would be better off in your SMSF, particularly as your property has no mortgage or debt and your SMSF is cashed up!

Three reasons to consider are covered in this episode

Does your business have a strong flow of leads coming in, is it a trickle or just a few drops every now and again?

It is not uncommon for a lot of business owners to only prioritise their marketing when they are experiencing sales dropping off or drying up completely.

They have no sales or jobs for their Team to fulfil so they run a marketing campaign. This brings in some business, they get busy, and their Team start to complete the orders until they run out of work again.

Then they think to themselves – ‘our cash flow is short again, we better do some more marketing’ - and so the disjointed process repeats over and over again.

If you are the type of business that does reactive marketing, there is a better, more sustainable way to bring in a constant supply of leads to your business - The A.I.D.A. Marketing Model.