Not all purchases made by a business will be tax deductible. Those that are must be related to the earning of income, but even then there are some exceptions.
Some costs have a private component, such as motor vehicle expenses, that must be apportioned between business and private use. Other costs may be totally related to a business, such as the registering of a patent or trademark, but are classed as a capital and therefore not tax deductible.
Some examples of expenses that could be claimed however, include employee salaries and super contributions, advertising, rent or leases, bank fees, interest on loans, freight and insurance, repairs, promotions and giveaways, depreciation of assests and the costs of a registered tax agent.
For more information on what expenses are tax deductible for your business and what records you should be keeping for these, please feel free to contact our office.
Categorised in: General News
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