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!

In the hustle and bustle of daily operations, it's easy to overlook certain financial advantages that can make a significant difference.

Here are three things that businesses often forget:

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.

Anything keeping you up at night?

If you're facing challenges give us a call or email us. We are here to help.