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The Australian Taxation Office (ATO) is reminding small business owners to get clear on what they can – and can’t – claim this tax time.
To claim a business expense, it must meet three golden rules:
1. It must be for business use, not personal
2. If it’s used for both, only the business portion is claimable
3. You must keep records to prove it
Common claims include advertising, professional fees, business tools and a portion of household running costs for home-based businesses. But many expenses remain off-limits – such as entertainment, traffic fines, private streaming services or anything related to non-assessable income.
The ATO says accurate apportioning and detailed records are vital. Poor documentation can result in delays or rejected claims.
More information is available on the ATO’s website under ‘business deductions’. For tailored advice, consult a registered tax agent.
#accountant #tax #business
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