Home >How can I claim deductions for my business expenses?
As a business owner, you may be able to claim deductions for certain expenses that you incur in running your business. These deductions can help reduce your taxable income and lower the amount of tax you need to pay. To claim a deduction, the expense must be directly related to earning your assessable income.
Some of the most common types of deductions you can claim for your business expenses include:
It’s important to note that you need to have evidence or a proof of the expense, such as receipts and invoices to claim a deduction.
It is recommended to seek professional advice from accountant or a tax agent to ensure that you are aware of all the deductions that you are entitled to claim, how to claim them and to claim them correctly as per ATO rules and regulations.