One of my frequently asked questions from Small Business owners are what can I claim as a deduction. My initial response is always it depends on your business and industry, but not every business is the same so it’s good to explore all deductions that may be available.  Here’s my ultimate list of deductions that may be available for your small business: 

  • Accounting Fees
  • Advertising & Promotion
  • Bad Debts
  • Bank Fees & Merchant Fees
  • Cleaning Expenses
  • Conference Costs
  • Directors Fees
  • Donations
  • Electricity
  • Freight & Delivery costs
  • Fuel & Oil
  • Home Office Expenses
  • Insurance Premiums
  • Interest Paid
  • Internet Costs
  • Lease Payments
  • Legal Expenses
  • Maintenance Costs
  • Management Expenses
  • Managing Tax Affairs
  • Parking
  • Postage
  • Power, lighting and heating
  • Printing & Stationary
  • Professional Association fees
  • Protective Clothing or uniforms
  • Rates
  • Rent
  • Repairs
  • Royalties
  • Self education expenses
  • Seminars
  • Storage costs
  • Subcontractors
  • Superannuation Contributions
  • Tax Agent Fees
  • Telephone
  • Tool replacements
  • Trade Journals
  • Travel Expenses
  • Tolls
  • Workers Comp Insurance

 As always if you aren’t sure check with your Accountant. Don’t forget to book your Tax Return Now