Posted on 20 Sep 2023
Please note: this is an old article
It was published in September 2023, so the information may be out-of-date.
Unsure of what business expenses you can claim? You are able to claim tax deductions for business expenses that are directly related to earning your assessable income.
The Australian Taxation Office (ATO) have compiled a summary of things you need to know for your next tax return. Following are some of the specific expenses your business could claim:
- Interest on money borrowed and bank fees - relating to a business loan or business bank account
- Lease expenses - includes the cost of hiring/leasing motor vehicles, equipment or machinery (including computers and printers) and commercial premises, or the business portion of your residence if running a home-based business
- Digital product expenses - internet service provider fees, software subscriptions, cloud storage, lease payments and costs relating to maintaining your business website
- Insurance - business (public liability), income protection (must be a separate policy to your superannuation fund, car (business use), home (if operating from home) and tax audit
- Annual fees charged by statutory bodies - union, trade, business and professional memberships
- Staff employment costs - employee salaries and wages and super contributions
- Travel expenses - flight and public transport fares, car hire, accommodation and meals (if you're away overnight)
For more information, head to the ATO website.
