With expertise in dealing with small businesses, we know what to look for and can point you in the right direction.
Airline staff: moisturisers and hair conditioners (for abnormal drying of skin and hair when working in the pressurised environment of an aircraft)įind a trusted accountant to do your business taxĪt LDB, we work with you to determine what tax claims you can and cannot make.Certain professions can claim tax deductions directly related to their work. There are some items that may seem too obscure to claim on tax but it all depends on the industry. Unusual tax deductions included guard dogs, ping-pong tables and Xbox gaming consoles used in a business. However, this tax deduction will be phased out at the end of this tax year (June 2017).Įxamples included motor vehicles and computer servers. In 2015, new laws gave small businesses the ability to claim an immediate deduction for assets they had started to use, or had installed ready for use, provided each depreciable asset cost less than $20,000.
A deduction for GST credits if you claim these separately on your activity statement.Īdditional and unusual claims for small businesses.Examples include computers, electrical tools and furniture. Small businesses can claim depreciation on capital expenses over time (larger expenses with a longer life or relating to establishing, replacing, enlarging or improving the structure of a business). Business premises expenses, including land tax, rates and water usage, and rent or lease expenses.Trading stock, including delivery charges.Super contributions for employees, and some contractors paid primarily for their labour.Repairing and maintaining income-producing property.Registered tax agent and accountant fees.Interest on money borrowed for income tax obligations, employer super contributions, late payment or lodgment of tax, to produce assessable income or purchase income-producing assets.
The Australian Taxation Office lists the following expenses as allowable deductions for small businesses in certain circumstances: You can claim tax deductions for most costs you incur in running your business, as long they directly relate to earning assessable income. So, what can small businesses claim in their annual tax return? Here, we give you a rundown: Allowable deductions for small businesses That’s why it’s so important to be well informed and to have a good accountant who understands how the system works. Knowing what you can and cannot claim at tax time can save or cost small business owners thousands of dollars.