Some common things businesses forget at tax time
Running a business is a demanding job, so it’s no wonder owners lose track of crucial things at tax time, such as:
Deducting entertainment expenses
Dinner and lunch meetings with clients and customers are partially tax deductible. Keep your receipts and check in with us to see which meetings can be deducted.
Bear in mind that the treatment of meal expenses incurred by self-employed people differs from the meal allowances afforded to employees. We can clarify this for you.
Subscriptions and memberships
If keeping up with your industry via specialist magazines or newspapers helps you in your work, you may be eligible for a tax deduction on subscriptions.
Claiming home office space
If you work from home, you can claim a portion of your mortgage interest payments, rent, rates, utilities bills and insurance.
You’ll need to provide information on how many square metres your home covers, and what percentage of that space is used for work. If you’re a tradie who uses garage space, you can claim that, too.
Keeping records
When it comes to records and receipts, keep everything. You won’t be able to claim any of the above if you don’t have proof to back it up. Click here for your handy reminders.
Remember to provide all the relevant documents we will need to put together your financial statements for the year.
Have you got these ready?
- Information on shares/investments
- Details on mixed-use holiday home income
- Up-to-date vehicle logbooks
- Information on cryptocurrency trades
- Insurance documents
- Up-to-date information on mortgage interest
- Rates bills
- Power bills
- Repair and maintenance receipts
- Phone bills