As a small business owner in Australia, understanding what you can claim as a tax deduction is essential for maximising your returns and staying compliant with ATO requirements.
Common Deductions You Might Be Missing
Many small business owners overlook legitimate deductions that could significantly reduce their tax burden. Here are some commonly missed items:
Home office expenses – If you work from home, you can claim a portion of your utilities, internet, and even rent or mortgage interest.
Vehicle expenses – Business-related travel, including client meetings and site visits, can be claimed using either the logbook or cents-per-kilometre method.
Getting Professional Help
While understanding these basics is important, working with a qualified accountant ensures you capture every legitimate deduction while staying compliant. Contact us to discuss your situation.