What can you really claim as a business tax deduction?

As tax time draws nearer, you might be wondering what you can claim or ‘write off’ as a tax deduction this year. It’s important to know exactly what you can – and can’t – claim to avoid running into issues later.

Our business adviser, Brian Childs, shares some of his top tips for small business owners around claiming tax deductions.

Beware of common tax claim mistakes

According to Brian, some tax claim errors can be avoided by learning more about what counts as a deductible expense.

“Many business owners believe that once a business name is registered, they can claim all sorts of expenses as a fully tax-deductible expense against the tax assessable income of the business or through their personal tax return,” says Brian.

Read More: https://www.smallbusiness.wa.gov.au/blog/what-can-you-really-claim-business-tax-deduction