Deductions and Concessions

You can claim tax deductions for expenses incurred in running your business, provided the expenses are directly related to earning assessable income and not of a private, domestic or capital nature. To claim the expense, you must have actually paid for the goods or services, or be committed to the expenditure.

Common business expenses that are claimed as deductions include:

  • advertising and phone expenses;
  • business travel expenses;
  • fringe benefits tax;
  • home based business expenses;
  • motor vehicle expenses;
  • depreciation on assets such as plant and equipment;
  • salary, wages and superannuation contributions;
  • tax-related expenses; and
  • repairs, maintenance and replacement expenses.

Tax concessions

If the annual turnover of your business is less than $2 million, you may be eligible for a range of tax concessions. You can choose the concessions which suit your business providing you satisfy any additional conditions associated with each concession. You will have to check if you qualify for the concessions each tax year.

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