Business Tax Deductions
When carrying on the business in any given year, at ATB we will help your claim a tax deduction for most expenses, as long as they are directly related to earning your assessable income and must adhere to the following requirements:
- When claiming a deduction, you need to keep records for most expenses .These include general expenses (such as, gifts and donations) and work-related expenses (such as tools, vehicle trips)
- Expense incurred must not be for private use but for the business.
- If the expense is for a mix of business and private use, you can only claim the portion that is used for your business.
- Records must exist to prove expenses were incurred.