Are You Overlooking Claimable Deductions?
All small businesses are eligible for claimable deductions just like medium-large sized businesses and sometimes many of these items are overlooked as claimable deductions because business owners just aren’t aware of what they can and can’t claim.
Of course it is always best to speak to a professional so you know exactly what you can and can’t claim however many business owners and entrepreneurs seem to forget these deductions which can really make a difference on their tax bill. It is all about knowledge and awareness.
For example any expenses incurred in your home during the last financial year which are over and above the normal home operating costs can be deducted. Costs such as your energy bills, telephone expenses, internet charges and equipment wear and tear can be claimed, as well as council rates and insurance charges.
Accounting and bookkeeping is not naturally high on a small business owner’s priority list as they are too busy focussing on other aspects of their business – the areas which make them money. However what many managers don’t realise is that by understanding this aspect of their tax return, they can also make huge savings on their tax bill.
The Australian Tax Office website has more information on claimable deductions which can help if you are doing your own tax return and for those that use an accountant, we recommend you ask them specifically about other tax deductions which can be made as you may just be missing out. We definitely think maximising your tax refund is worth focussing on, even if only for a short period of time.