What you can claim as a Business

Most business expenses are tax-deductible but the ATO has urged businesses to further look at their tax return before submitting them here are a few rules of what to follow for your tax:

  • Only deduct what you are legally entitled to and provided three guidelines for legitimate business deductions.
  • The cost must have been for your company, not for personal use.
  • Only deduct the portion of a cost that is utilised for your business if it is split between private and business usage.

You must have documentation to back it up.

The ATO advised that as small businesses diversified to overcome the pandemic through the sharing economy or new business ventures, it would focus on income gained from these streams. 

“Almost half of the 1.9 million sole traders also have non-business income, like salary and wages or income from investments, so make sure to double-check you’ve included it all before you lodge.

Temporary full expensing

Temporary full expensing also supports businesses this tax year and encourages investment. As many eligible businesses can claim an immediate deduction for the business portion of the cost of an asset in the year it is first used or installed ready for use for a taxable purpose.

Temporary full expensing Businesses with a turnover of less than $5 billion can immediately deduct this Cost off their new depreciating assets.

What can I claim on Tax for my business?

  • Your office space (work from home)
  • A Portion of your Heating, lighting and energy bill can be claimed
  • Any cleaning costs and cleaning supplies
  • Educational expenses and updating your formal education can be claimed (the conference is tax-deductible)
  • Investment in products, supplies and wages are also tax-deductible

View what you claim here

Why claim your membership on tax?

By renewing your membership with APAN or joining you can now gain an immediate deduction. To further support you we are including MENTAL HYGIENE AND PROFESSIONAL DEVELOPMENT PROGRAM. 

It has cost over $26,000 to have it expertly written as it is designed specifically for our industry environment. 

Valued at $400 for non-members you can secure your copy for FREE when you renew your membership NOW.  You can also phone 07 55930360 to speak to us and pay progressively.

Stand with us as we continue to represent and protect and support you on business, professional and regulatory levels.

We look forward to you continuing to be part of the APAN professional community.