Tax Deductions for Small Business

Business expenses you can claim as a tax deduction

You can claim most of the expenses involved in running your business as a tax deduction

Just make sure:

They relate directly to earning your income
The expense was for your business, not for private use
If the expense is for a mix of business and private use, you only claim the business portion
You have records to substantiate what you claim.

Examples of deductible business expenses:

Motor vehicle expenses
Home-based business
Business travel expenses
Workers’ salaries, wages and super contributions
Repairs, maintenance and replacement expenses
Operating expenses
Depreciating assets and other capital expenses

If you’re a contractor or a consultant, your personal services income may affect the deductions you can claim.

Want advice for your particular circumstances? Contact Alan at Beck Partners today.

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