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Navigating the Latest Tax Deduction Policies: A Guide for Small Businesses in Burwood and Surrounding Areas

latest tax deduction policies

In the dynamic landscape of tax regulations, staying informed about policy changes is crucial for small businesses in Burwood, Glen Waverley, and Mount Waverley. Recent updates to tax deduction policies can significantly impact your business operations and financial planning. At Opulent Accountants, we are committed to helping you understand and leverage these changes to your advantage.

Understanding the New Tax Deduction Policy

The Coalition has introduced a new tax deduction policy allowing small businesses with an annual turnover up to $10 million to claim work-related meal and entertainment expenses up to $20,000. This includes tickets to football matches, rounds of golf, and movie trips, but explicitly excludes alcohol, brothels, and strip clubs.

Implications for Small Businesses

For small businesses in Burwood, Glen Waverley, and Mount Waverley, this policy presents several opportunities:

  • Enhanced Employee Engagement: Deductions for team-building activities like sports events and recreational outings can boost employee morale and productivity.
  • Client Entertainment: Entertaining clients through allowable activities can strengthen business relationships and potentially lead to increased sales.
  • Financial Planning: Incorporating these deductions into your financial strategy can result in significant tax savings, allowing for reinvestment into your business.

How Opulent Accountants Can Assist

As your trusted small business advisors and business tax agents in the region, Opulent Accountants offers:

  • Expert Guidance: We help you navigate the complexities of the new tax deduction policy, ensuring you maximize your eligible claims while remaining compliant.
  • Customized Strategies: Understanding that every business is unique, we tailor our advice to align with your specific operational needs and financial goals.
  • Comprehensive Services: From bookkeeping to tax preparation, we provide a full suite of accounting services to support your business’s growth and compliance.

Staying abreast of tax policy changes is essential for small businesses aiming to maintain a competitive edge. By partnering with Opulent Accountants, you gain access to the expertise and personalized service that can help you effectively integrate these new deductions into your financial planning.

Contact us today to learn how we can assist you in optimizing your tax strategy and enhancing your business operations.

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Nishant Kosambi
Nishant Kosambi
2 February 2023
Excellent work by Dayan, Chamie, Lihini and the entire team. They have always been very professional and helpful. They have taken care of my business and personal tax obligations for many years. They have also sought financial solutions for me. I am very happy with how thorough Dayan is with his work. Clear communication and regular follow-ups all the way. 5 stars for this gem of a person and his team.
Ajith Ratnarajah
Ajith Ratnarajah
6 November 2022
These guys are very professional. You get the best of both worlds of a personalised service from a company rather than from an individual accountant. Their processes are well established. I would strongly recommend Opulent for any small, big companies and high net worth individuals.
Da Bella
Da Bella
12 August 2022
I consider myself extremely luck to be introduced to Dayan and his team. I found the solution to my loan requirement in one meeting itself...Super efficient, friendly and humble....Opulent finance rocks!!
srikanth chintalapudi
srikanth chintalapudi
11 July 2022
Dayan and his team did it again!!! They're proactive and provided timely advice in the recent sale of my investment property. They're advice saved me a lot of $$. Dayan and his team have been assisting me for the last 10+ years and they're always a lifesaver. Highly recommend!
Chamith Subasinghe
Chamith Subasinghe
15 February 2022
The team at Opulent have been extremely helpful and resourceful in securing a home loan for me. The responses have always been quick and progress made quickly through the loan application process. The advice provided by Opulent is high quality and very useful, special call out to Ishara and Dayan who have been very knowledgeable, experienced and professional. I have recommended Opulent to my friends and they have had positive experiences as well. I would highly recommend giving Opulent a go!
Daniel C
Daniel C
26 December 2021
Highly recommend Opulent Accountants! I've been lucky enough to deal with Hasi, Dayan and Charlene and all three of them have been a great help. Thanks guys.
Sam
Sam
5 November 2021
Great Accountants and Mortgage Brokers. Prompt, Professional, Well-informed and Responsive.
Kesh Aryaratne
Kesh Aryaratne
11 October 2021
The team at Opulent are professional, accessible, friendly and most importantly prompt in getting matters sorted. I have had the pleasure in dealing with both Dayan and Hasi who have guided me throughout and have been extremely helpful in getting my complex tax matters sorted on time and in a professional manner. Great work guys.
Mukesh S
Mukesh S
29 September 2021
I was apprehensive to take the plunge into refinancing my loans. However Dayan and his team were very patient and made it a point to respond to all my queries and doubts . They must be leading busy lives themselves, however they were flexible and accommodative of my requests for meetings at close of business hours. Further I noticed that they are particular in their and the customer's paperwork. Along with Dayan, I'd like to call out the efforts put in by Ishara for ensuring a smooth transition. She has ben patient with my many queries and diligent in her handling of the paperwork. Thank you Dayan and team.