Know About The Business Costs You Can Claim

Know About The Business Costs You Can Claim
Are you confused about the business costs you can claim? Do you want to claim tax expenses for your business? If yes, here’s a brief guide to what tax deduction you can claim without depending on the expenses you incur:

Other than this, business expenses may include costs associated with motor vehicles, travel charges, legal fees, digital purchases and home based business expenses. Also, any money you spend on COVID-19 related safety items for the protection of staff from this contagious virus, for example: hand sanitisers, face masks, sneeze or cough guards.

Along with this, super contributions can also be claimed for tax deductions, including the wages transferred and payments made to the employees by the employers. But this claim can only be made as long as an employer complies with the PAYG withholding and reporting obligations for every payment made.

In-office Deductions Applicable For A Claim

In contrast to claimable deductions, there are some expenses that just can’t be claimed, such as entertainment expenses, traffic fines, and non-assessable income expenses.

Business owners can rely on registered tax agents to guide and help them out with their tax obligations. Sole traders can use the myDeductions tool in the ATO app to keep records of their business expenses.

To avoid any inconvenience at the tax time and to reduce the chance of tax audits, it is important to keep a complete and accurate record of expenses throughout the tax year. Our qualified tax accountants at KPG Taxation in Dandenong are here to serve you with the best taxation and accounting services to help claim the most business costs possible.

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