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
Business travel expenses
Workers’ salaries, wages and super contributions
Repairs, maintenance and replacement 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.