Claiming small business tax deductions | Essentials to strengthen your small business

3 main groups of expenses

Expenses can be divided into 3 main groups.

Expenses you can never deduct.
Expenses you can deduct over a number of years.
Expenses you can deduct in the income year in which they are incurred. These expenses can be deducted immediately.

Claiming small business tax deductions

What are deductions and what can I claim?

5 mins

The 3 golden rules for business tax deductions	0%
Deductions if your business is not registered for the goods and services tax (GST)	0%
Deductions if your business is registered for GST	0%
3 main groups of expenses	0%
Types of deductions	0%
Activity	0%

Accounting for private use of assets

9 mins

Private use of business assets	0%
Using trading stock for private purposes	0%
Avoid mistakes	0%
Common mistakes	0%
Claiming deductions for private assets	0%
Incorrectly apportioning deductions	0%
Private company benefits giving rise to a deemed dividend	0%
Creating an FBT liability	0%

Expenses you can never deduct

1 mins

Expenditure you can’t deduct	0%
Activity	0%

Expenses you can deduct over time

10 mins

Types of deductions	0%
Prepayments	0%
Prepayment example	0%
Prepayments excluded from the prepayment rule	0%
Prepayments excluded from the prepayment rule – example	0%
Other prepaid expenses that are excluded from the prepayment rules	0%
Deductions for depreciating assets	0%
Activity	0%

Stock and asset records

5 mins

Records from stocktakes	0%
Records of depreciating assets	0%
Capital gains tax assets	0%

Expenses you can deduct immediately

5 mins

Certain business start-up expenses	0%
Operating expenses	0%
Business travel expenses	0%
Workers’ salaries, wages and super contributions	0%
Repairs, maintenance and replacement expenses	0%
Activity	0%

Other deductions records

1 mins

Other deductions records	0%
Business travel expenses	0%

Motor vehicle deductions

4 mins

What deductions can be claimed?	0%
Company or trust	0%
Sole trader or partnership	0%
Activity	0%

Motor vehicle deductions records

2 mins

Motor vehicle deductions records	0%

Related courses

1 mins

Related courses	0%

Course Feedback

Course Feedback	0%