Great to be able to share some end of year tax tips for readers of the Herald Sun & Daily Telegraph

Cloud software provider Xero’s head of accounting, James Solomons, said it was a good time to recalibrate, set goals and set their business up for success in the coming year.

“The majority of costs you incur running your business can be claimed as a tax deduction as long as they directly relate to earning your income.

The 2016 federal budget introduced changes to the small business equity concession, increasing the threshold from $2 million to $10 million in annual turnover,” he said.

“As a result, from July 1, 2016, many more business owners will be eligible for small business concessions, such as access to the immediate deduction for assets costing up to $20,000 and the opportunity to account for tax on a cash basis. But for the upcoming end of financial year, the threshold remains at $2 million.” He said if a business bought or sold stock they would have to carry out a stocktake unless their turnover was less than $2 million and the change in value less than $5000.