Four Things Independent Contractors Need to Know About Simplified Depreciation
If you are a freelancer or an independent contractor, the Australian Taxation Office considers you a small business for tax purposes. This means when you declare your income to the ATO, you can also write off the expenses you incur in order to earn that income. While most small expenses can be deducted the year they are incurred, the ATO applies a depreciation schedule to large purchases. Depreciation schedules can be confusing, but luckily, to make it easier the ATO offers simplified depreciation for small businesses.
Factors to Consider when Hiring a Quantity Surveyor
When it comes to construction or buying of property, most people are lost on the course of action to take when it comes to depreciation taxes. Ideally, your accountant can provide advice on fiscal matters, but when the said issue touches on a property, quantity surveyors are best placed to offer advice on the best way forward. However, one must be careful to avoid losses occasioned by poor estimations. As such, you should factor the following aspects before contracting a quantity surveyor: