The ATO has free short courses on tax deductions, cash flow, record keeping and other small business essentials, to help you upskill for the new financial year.
Knowing what you can claim at tax time can help boost your bottom line. You can claim deductions on a wide range of expenses including:
- motor vehicle expenses
- home-based business
- repairs, maintenance and replacement expenses
- workers’ salaries, wages and super contributions
- business travel expenses and more.
What you can claim
You can claim a tax deduction for most expenses you incur in carrying on your business if they are directly related to earning your assessable income.
Types of business expenses you may be able to claim deductions for include:
- day-to-day operating expenses
- purchases of products or services for your business
- certain capital expenses, such as the cost of depreciating assets like machinery and equipment used in your business.
Click here to learn more about Business Deductions this financial year.
