To get your tax right for the use of your assets.
Only claim deductions against your business income for expenses associated with the business use of your assets. You need to work out the portion spent on private use and exclude this from your calculation.
Make sure you meet your tax obligations, including private company benefits and fringe benefits tax (FBT), which may apply when you provide benefits to your employees, shareholders or associates.
Review your treatment of these assets each year, as your circumstances may change. If you’ve started using an asset for private purposes, you need to start apportioning your expenses accordingly.
Keep proper records for your business that can explain all transactions, including payments to and receipts from employees, shareholders and associates.
Let your tax professional know how you're using your assets so they can correctly apportion the relevant income and deductions.
If you're unsure about accounting for your assets, speak with your tax professional or engage with the ATO for advice.
Record keeping
Steps | Progress | ||||||||||||||
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Record keeping overview |
10 mins | ||||||||||||||
Tasks and tips |
6 mins | ||||||||||||||
Starting your business records |
2 mins | ||||||||||||||
Digital record keeping |
5 mins | ||||||||||||||
Manual or paper record keeping |
2 mins | ||||||||||||||
Banking records |
2 mins | ||||||||||||||
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Income records |
3 mins | ||||||||||||||
Accounting for private use of assets |
9 mins | ||||||||||||||
Motor vehicle deductions records |
2 mins | ||||||||||||||
Home-based business deductions records |
1 mins | ||||||||||||||
Other deductions records |
1 mins | ||||||||||||||
Stock and asset records |
5 mins | ||||||||||||||
GST records |
1 mins | ||||||||||||||
Employee records |
7 mins | ||||||||||||||
Car fringe benefits records |
1 mins | ||||||||||||||
Expense payment FBT records |
2 mins | ||||||||||||||
Contractor records |
2 mins | ||||||||||||||
Sharing economy records |
1 mins | ||||||||||||||
Cryptocurrency records |
1 mins | ||||||||||||||
Records for other taxes |
5 mins | ||||||||||||||
Sole trader structure records |
4 mins | ||||||||||||||
Partnership structure records |
3 mins | ||||||||||||||
Company structure records |
3 mins | ||||||||||||||
Trust structure records |
1 mins | ||||||||||||||
Changing your business structure records |
1 mins | ||||||||||||||
Selling or closing your business records |
2 mins | ||||||||||||||
Related courses |
1 mins | ||||||||||||||
Course feedback |
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