The tax season is halfway through and if you haven’t processed your taxes yet—better hurry! To help you along, here are some claims that you can make (as a sole trader or small business owner).
Your Tax Deductions and Claims
Whether you’re running a small business or working as a sole trader, you can claim for some tax deductions, including, but not limited to:
Make sure to keep all your business records for the fiscal year (ATO requires the last five years’ worth). Include your purchase and expense receipts, sales records and invoices, project contracts and payments, bank statements, and payments to employees or contractors. Make sure that your accounts receivable, accounts payable, and current inventory are documented, too.
Additionally, Small Businesses may claim for the following deductions:
One of the best tax breaks for small businesses is the instant asset write-off (applies to qualifying purchases made after 2 April 2019). These include:
Sole Traders may also claim for the following deductions:
Ready to file your returns and lodge your claims? If you would like to know more tax deductions for your business (small or sole), click this link—we may be able to help.