We know the last-minute scramble can be stressful. It's important to be aware of the deductions you may be eligible to claim to reduce your tax liability. Below is a brief overview of potential deductions for businesses, as well as our detailed checklists to help you get ready for tax time. 

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Deductions for Businesses

• Operating Expenses: Rent, utilities, office supplies, advertising, and professional fees

• Employee Expenses: Wages, Super, Workers compensation, Insurance 

• Capital Expenses: Costs related to the purchase, lease, or maintenance of equipment, machinery, and buildings

• Travel Expenses: Business travel, accommodation, meals, and transportation

• Insurance: Business insurance, liability insurance, and professional indemnity insurance

• Vehicle Expenses: a portion of fuel, registration, insurance, maintenance, other running costs and depreciation based on the business use percentage of the car - refer to our Motor Vehicle Logbook & Expenses spreadsheet

• Interest Expenses: Interest on business loans

• Bad Debts: Unpaid invoices from customers

To claim these deductions, you must:

• Keep accurate records of all expenses, including invoices, receipts, and bank statements

• Apportion expenses that have both business and private use

• Follow the specific rules for each type of deduction

To be able to start preparing your Business Tax Return please complete the Company & Partnerships Checklist and upload the completed form along with your supporting documents to our Client Portal. 

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