Business Tax Deductions

Potential Tax Deductions

 

Business

• Accident Insurance Premiums
• Accountants Tax Fees
• Advertising Expenses
• Appeal Costs relating to Tax Disputes
• Audit Costs, including ATO Audit
• Bad Debts
• Bank Charges, Business
• Birthday Presents
• Borrowing Expenses
• Books (Work Related)
• Briefcases
• Broker’s Commission on Borrowed Moneys
• Buildings and Structural Improvements
• Business Operating Expenses
• Business Subscriptions
• Car Expenses (Business)
• Christmas Hampers for Employees
• Christmas Presents for Employees
• Cleaning Products used in Business Premises
• Clothing (corporate wardrobes and uniforms, occupation-specific clothing, protective clothing)
• Commissions
• Computer Expenses
• Convention Expenses
• Copyrights, patents and registered designs: registration fees and amortisation of development cost or purchase price
• Corporate Wardrobes and Uniforms
• Credit Card Expenses used for Work-Related Purposes
• Depreciation of Business Assets
• Donations – to Charities
• Dues: Union, Professional or Business Associations
• Easter Eggs for Reception area & Employees
• Education Expenses
• Electricity Connection Costs
• Entertainment Expenses Related to Business (limited)
• Equipment (Work-Related)
• Exchange Losses
• FBT Payments

• Film (Australian) Investment
• Financial Planning Advice apart from Initial fee
• First Aid Expenses
• Flowers for Business
• Furniture for Office
• General Interest Charges
• Gifts: Advertising or Public Relations
• Gifts of $2 or more to Prescribed Donees
• Gift Vouchers
• Guard Dog Expenses
• Higher Qualification Expenses
• Home office Expenses where home is used as Business Premises
• Insurance Company, unreported claims
• Insurance Premiums (Business Related)
• Interest on Borrowings for Employer Superannuation Contributions
• Interest on Late Payments of Tax
• Interest on Late Lodgements
• Interest on Borrowings to Pay Income Tax
• Interest on Money used for Assessable Income Production or Purchase of Income – Producing Assets

• Interest Referable to Home Office where Home is used as Business Premises
• Interest Withholding Tax
• Internet Fees
• Investment losses
• Investment Portfolio, Expenses of Servicing
• Land Tax on Business Premises
• Late Payment Penalty Interest
• Lease Incentive Payment
• Lease Preparation Expenses
• Leave Payments made by Employer to Employees
• Legal Expenses
• Losses (Company) of Current year
• Losses (Trust) of Current year
• Losses of Previous years
• Losses (Trust) of Previous years
• Losses through Theft or Misappropriation
• Magazines, Professional, Business, Investment related or used in waiting room
• Management Expenses, Investor
• Marketing
• Mortgage Discharge Expenses
• Motor Vehicle Dealers: Warranty Repair Costs
• Movie Tickets
• Municipal Rates on Business Premises
• Music, used in Office Environment or given as gifts to Employees or Business Associates
• Newspapers and Magazines
• Overtime Meal Allowance Expenses
• Parking Fees
• Partnership, Interest on Loans
• Partnership, Share of net Losses
• Patent, Design, Copyright Registration Costs
• Photography, where Photos are used to Promote the Business
• Pictures & Prints for Office area
• Plant (installed), cost of bringing to Full Operation
• Professional Development Courses
• Professional Journals/Subscriptions
• Professional Qualifications
• Protective Clothing

• Relocation Expenses Incurred by Employer
• Rent for Business Premises
• Rent to Home Office (Business)
• Repair Costs
• Repairs to Income – Producing Property
• Repayments of Travel Agents’ Commission
• Research & Development Expenses
• Salaries paid in Business
• Self – Education Expenses
• Sickness / Accident Premiums
• Software Expenses
• Solicitor Disbursements
• Sponsorship Fees
• Superannuation Contributions
• Superannuation Supervisory Levy
• Tax Advice Costs
• Tax Agents’ Fees
• Tax Return Lodgement Costs
• Technical Qualifications
• Technical & Trade Journals
• Telephone Expenses if Work Related
• Telephone Lines on Primary Production Land
• Tender Costs
• Tools, Depreciation and Costs of Transporting and Insuring
• Toys used in Reception area
• Trade Union Dues
• Trading Stock
• Trading Stock taken to New Premises
• Travel (Relocation) costs paid by Employer
• Travel Expenses Related to Business (generally excluding to and from work)
• Traveller Accommodation Buildings
• Uniforms, Special Clothing for Employees
• Water Rates on Business Premises
• Work in Progress Payment

 

GENERAL RULES TO BEAR IN MIND

To help me get you the best possible result with your tax deductions we need to:

• Keep receipts for a minimum of 5 years

• Keep diary entries of meetings and decisions reached. This justifies your claim in some cases

• Keep a travel diary when you travel on business purposes. This should include an agenda for your trip, names and places of people met, and a report of conclusions reached.

Disclaimer : Information contained in this article represent general comments only and this is not advice. Tax is only one of the factors that should be taken into account when making a financial decision. You should discuss your tax affairs with a tax professional before entering into any financial transaction with tax implications.