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Claiming small business tax deductions

Steps Progress

What are deductions and what can I claim?

 5 mins

The 3 golden rules for business tax deductions

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Deductions if your business is not registered for the goods and services tax (GST)

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Deductions if your business is registered for GST

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3 main groups of expenses

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Types of deductions

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Activity

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Accounting for private use of assets

 9 mins

Private use of business assets

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Using trading stock for private purposes

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Avoid mistakes

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Common mistakes

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Claiming deductions for private assets

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Incorrectly apportioning deductions

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Private company benefits giving rise to a deemed dividend

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Creating an FBT liability

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Expenses you can never deduct

 1 mins

Expenditure you can’t deduct

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Activity

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Expenses you can deduct over time

 10 mins

Types of deductions

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Prepayments

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Prepayment example

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Prepayments excluded from the prepayment rule

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Prepayments excluded from the prepayment rule – example

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Other prepaid expenses that are excluded from the prepayment rules

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Deductions for depreciating assets

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Activity

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Stock and asset records

 5 mins

Records from stocktakes

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Records of depreciating assets

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Capital gains tax assets

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Expenses you can deduct immediately

 5 mins

Certain business start-up expenses

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Operating expenses

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Business travel expenses

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Workers’ salaries, wages and super contributions

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Repairs, maintenance and replacement expenses

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Activity

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Other deductions records

 1 mins

Other deductions records

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Business travel expenses

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Motor vehicle deductions

 4 mins

What deductions can be claimed?

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Company or trust

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Sole trader or partnership

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Activity

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Motor vehicle deductions records

 2 mins

Motor vehicle deductions records

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Related courses

 1 mins

Related courses

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