Advertisement



Industry

July 19, 2019

What can you claim as a tax deduction this year?

Tax deductions for small business owners

Tax time is fast approaching—it’s important to do your homework and know exactly what tax deductions you can claim.

What can a business claim as a deduction on your tax return?

You can claim a deduction for most expenses you incur to run your business, as long as they directly relate to how you earn assessable income.

Travel

If you or your employees travel for work, you can claim deductions on transport such as airfares, train, bus or taxi fares.

For overnight travel, the rule for claiming expenses is:

  • one night or more – keep written evidence of all expenses
  • six or more consecutive nights – keep a travel diary recording all the particulars of the business activities you undertake.

Check out the Australian Taxation Office (ATO) Business travel expenses information.

Motor vehicle expenses

Do you have a car you only use for business?

Claiming expenses and how you calculate them will depend on:

  • your business structure (i.e. sole trader, company, partnership or trust)
  • the type of vehicle
  • how the vehicle is used.

Go to the ATO’s Motor vehicle expenses page to learn more.

Repairs and maintenance

You can claim a deduction for repairs and maintenance on your business assets, including:

  • painting
  • conditioning gutters
  • plumbing maintenance
  • repairing electrical appliances
  • repairing machinery.

For more information visit the ATO’s Repairs, maintenance and replacement expenses page.

Running your business from home

If you run a home-based business, or have a home office where you work from home, you may be able to claim:

  • occupancy expenses – such as mortgage interest or rent, council rates, land taxes, house insurance premiums
  • running expenses – such as gas and electricity, phone, decline in value of plant and equipment, decline in value and cost of repairs to furniture and furnishings, cleaning.

Use the ATO’s Home office expenses calculator page to help you work out the amount you can claim as a tax deduction for home office expenses.

General operating expenses

Operating expenses are the costs you incur in the everyday running of your business, such as:

  • stationery
  • salaries
  • internet
  • insurance.

You can generally claim a deduction for most operating expenses.

Check out the ATO’s Other operating expenses page for a full list you can claim information.

More information

Original Article: https://www.business.gov.au/news/tax-deductions-for-small-business-owners





MPM Advertisment
 
 

 

Soft Drink banned in Victorian Museum Cafes.

Sugary drinks will be banned at Melbourne Museum, Scienceworks and the Immigration Museum from next month. Under the ban, soft drinks, fruit juices and flavoured milk will be removed from cafes and eateries at all Museums Victo...
by Cafe Culture Mag
 

 
 

2019 Northern NSW Latte Art Championships

To be hosted in Lismore this November Bringing together the Northern NSW coffee community for a night of socialising, industry networking and showcasing our talented local baristas. $1,000 cash for the LatteArt champion, with l...
by Cafe Culture Mag
 

 

 

Free mental health guide for small business advisers

Beyond Blue launches a guide for advisers to support small business owners. The role of small business advisers is about more than just providing guidance on debts, accounts and assets — it’s about people. As professionals,...
by Cafe Culture Mag
 

 
Advertisement
 

Sweetstock Festival

Sweetstock is a totally new food and music festival experience that will put you on the sugar high of your life! In its inaugural year, Sweetstock will launch in Melbourne on the 28th-29th March 2020,filled with cake battles, d...
by Cafe Culture Mag
 

 

 

PSA: THE LASAGNE DOG IS HERE…AND YES, IT’S PLANT-BASED

Alternative Meat Co and Deliveroo are dishing out a gourmet, 100% plant-based ‘Lasagne Dog’ ● Renowned meat-eating vegan chef Shannon Martinez has teamed up with The Alternative Meat Co. to launch her very own gourmet sna...
by Cafe Culture Mag
 

 
 

Rinoldi Grows Brand Portfolio with Acquisition of The Old Colonial Cookie Co.

Australian food manufacturer Rinoldi is pleased to announce its successful acquisition of the assets of The Old Colonial Cookie Co., maker of Australia’s finest shortbread. The Old Colonial Cookie Co. operations are based in ...
by Cafe Culture Mag
 

 

 

Hungry Jack’s responds to growing drive-thru market with barista coffee concept

Jack’s Café is currently being trialled at five restaurants in Canberra. Hungry Jack’s announced the launch of their new Jack’s Cafes across Canberra, in a bid to give a range of barista-made coffees and speciality bever...
by Cafe Culture Mag
 

 
 

Create your new cafe in Dulwich Hill

    Don’t miss out on this rare high quality cafe opportunity! No planning risk for the tenant given an already obtained DA and liquor licence. Spacious indoor/outdoor cafe space partially fitted out with essential...
by Cafe Culture Mag
 

 
 

Cafe Culture Digital Issue 8 2019

Cafe Culture Digital Issue 8 – 2019
by Cafe Culture Mag
 

 




ad