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





Advertisment Advertisment
 
 

 

HOW ‘SUPERSIZE ME’ BECAME ‘MEATLESS ME’

By CCDigital – June 24, 2020 New trend to ‘go meatless’ hits Australian restaurants During lockdown consumers have eaten more plant-based alternatives than ever at home Now, new European trend shows from fast to fi...
by Cafe Culture Mag
 

 
 

The perfect time to sign-up with The Cafe Supplier

By CCDigital – June 23, 2020  The Cafe Supplier are now offering 10% off your first order for new customer sign-ups! Use the one-time-use coupon below for new customer signups with a minimum order of just $100 and rec...
by Cafe Culture Mag
 

 
 

Barista Technology Australia are excited to introduce the Barista Fridge!

By CCDigital – June 24, 2020  Combine Barista Fridge, Puq Press and Perfect Moose to reduce wages costs in your cafe by 50% while improving quality and consistency. Speed of service during busy times is essential and ...
by Cafe Culture Mag
 

 

 

Automation noted as one of 3 key trends in Cafe 2020 report

By CCDigital – June 16, 2020 What is the Cafe 2020 report? The Seven Miles report ‘Cafe 2020’ discusses the 3 key trends coming to cafes and coffee shops, including automatic machines such as The Puqpress and milk...
by Cafe Culture Mag
 

 
Advertisement
 

The Cafe Supplier – a one-stop-shop for independent cafés with a price match guarantee!

By CCDigital – June 17, 2020 Last week Cafe Culture had the pleasure of introducing the Australian cafe industry to an exciting wholesale distribution business, aptly named “The Cafe Supplier”. I always appreciate ...
by Cafe Culture Mag
 

 

 

The benefits of Box Bottom Bags

By CCDigital – June 17, 2020  Choose a flat bottom coffee bag so your product stands up, stands out and flies off of the store shelves! At The Packaging People PTY LTD our Box Bottom Bags are designed to create a smar...
by Cafe Culture Mag
 

 
 

It’s World Meat Free Week

By CCDigital – June 17, 2020  What better time to start playing with those plant-based menu options you’ve been thinking about?    And with Australia leading the global trend towards plant-based eatin...
by Cafe Culture Mag
 

 

 

Australian Cafes and Restaurants upping their plant-based game

By CCDigital – June 10, 2020  The growth of plant-based menus appears set to continue as Australia’s cafes and restaurants emerge from hibernation. Companies like the Meatless Farm are supporting the transition. It...
by Cafe Culture Mag
 

 
 

Make Better Workflow & Profitability your New Financial Year Goal!

By CCDigital – June 10, 2020  As we come out of the current COVID-19 closures, cafe profitability will be on everyones mind. Now is the time to evaluate your processes and costs. Your accountant will inevitably tell y...
by Cafe Culture Mag
 

 
 

Meet Café Culture’s Friend, ‘The Café Supplier’s’ own Michael Elligett

By CCDigital – June 10, 2020  In this interview I have the pleasure of meeting the National Operations Manager of The Café Supplier who are revolutionising Food-Service wholesale for Independent cafés. I’m proud t...
by Cafe Culture Mag
 

 




ad