The Free Tax Deductions Checklist for Small Business
Most businesses either miss deductions they are entitled to, or claim ones they are not. Both are expensive. Here is what you can claim, what you cannot, and the records that make it stick. Figures checked against the ATO.
- ✓ Everyday costs, vehicles, home office and assets
- ✓ Current rates: 88c per km, 70c home-office, $20k write-off
- ✓ What you cannot claim (and why)
- ✓ The records the ATO expects
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Claim Everything You Should, Nothing You Shouldn't
The three golden rules
For the business, apportioned if part-private, and backed by a record. Get these right and the rest follows.
Cars, home office, assets
Current rates and methods: cents per km, the home-office fixed rate, and the instant asset write-off.
What you cannot claim
Entertainment, fines, the private portion, the GST you already claim on your BAS. The traps that draw an audit.
Records that hold up
Valid tax invoices, apportionment evidence, and how long to keep it all.
Written by People Who Keep Business Books Daily
Ascend Solutions is a CPA-led bookkeeping and advisory practice and a registered BAS agent. We keep the records that let your tax agent claim what you are entitled to, and that stand up if the ATO asks. This checklist reflects how we work.
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