What Can I Claim on Tax As a Small Business?

If you are a small business owner, getting business expenses in order as well as knowing what you can claim are essential steps to filing an accurate tax return – and it can save you thousands of dollars. Its important to be across the basics, and you can leave the rest to your accountant who understands the more complex side of small business tax. 

As a general rule, most expenses incurred in the process of running your business will be tax deductible. The ATO provides this list as a guide for small business owners as to what may be deductible. Your individual circumstances may vary, but that is where your accountant comes in. 

• Advertising and sponsorship costs
• Bad debts
• Bank fees
• Business motor vehicle usage, including luxury car leases
• Business premises expenses, including land tax, rates and water usage, and rent or lease expenses.
• Business travel
• Work clothing and outdoor protective gear
• Commercial website costs
• Parking
• Public relations
• Phone bills
• Education, technical or professional qualifications
• Electricity
• Home office expenses and stationery
• Insurance premiums
• Fringe benefits
• Interest on money borrowed for income tax obligations, employer super contributions, late payment or lodgment of tax, to produce assessable income or purchase income-producing assets
• Legal fees
• Losses from a previous year
• Registered tax agent and accountant fees
• Repairing and maintaining income-producing property
• Salaries, wages, bonuses or allowances
• Subscriptions