Many small business owners miss out on legitimate tax deductions simply because they're not aware of them.
Commonly Overlooked Deductions:
- Home Office Expenses - If you work from home, you can claim a portion of your rent, utilities, and internet costs.
- Vehicle Expenses - Business-related travel, including client visits and supplier trips, can be claimed.
- Professional Development - Courses, seminars, and training related to your business are deductible.
- Bad Debts - If a customer doesn't pay, you may be able to claim the debt as a deduction.
- Depreciation - Don't forget to claim depreciation on business assets like computers, furniture, and equipment.
- Insurance Premiums - Business insurance, including professional indemnity and public liability, is deductible.
Record Keeping Tips:
- Keep all receipts and invoices
- Use accounting software to track expenses
- Maintain a logbook for vehicle expenses
- Separate business and personal expenses
Talk to us about maximising your business deductions this financial year.