Tax return labels: expenses

The table below shows the expenses headings you may use in your chart of accounts or spreadsheet, and which tax return labels they relate to.

Chart of accounts or spreadsheet heading

Column 1

Income tax label(s)

Cost of sales (trading stock)

The Opening stock label of a tax return.

The Purchases and other costs label of a tax return.

The Closing stock label of a tax return.

Motor vehicle

The Motor vehicle expenses label of a tax return.

Repairs/maintenance

The Repairs and maintenance label of a tax return.

Rent

The Rent label of a tax return.

Other expenses, e.g. workers’ salaries and wages,accounting and professional fees, advertising, office supplies, forex losses, loss on the sale of a depreciating asset

The All other expenses label of a tax return.

Lease

The Lease expenses label of a tax return.

Interest payments

The Interest expenses within Australia label of a tax return.

Superannuation contributions

The Superannuation expenses label of a tax return.

Depreciation

The Depreciation expenses label of a tax return.