Know About The Business Costs You Can Claim
Know About The Business Costs You Can Claim
- claim the portion of an item that is for business use
- must have documents to back up your claims
- costs related to generating assessable business income
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
- Day-to-day operating expenses, such as stationery and payments
- Capital expenses for long-term benefits, such as machinery and equipment
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.
Focus On Growing Your Business, Leave The Accounting On Us!
- Income Tax : File your taxes & get the best claims & returns.
- Accountancy : Hire expert accountants to manage your transactions.
- Bookkeeping : Let us handle your record books and expense reports.
- Business Advisory : From company set-up to payroll, we handle it all.