You only claim the business-use portion of an expense that’s for a mix of business and private use.
You have records of each claimable expense.

It’s important to know that there are two key types of deductions, operating and capital. 

Operating expenses are day-to-day operating costs such as office stationery and wages, which you must pay for in the year you claim them. 

Capital expenses are typically long-term benefits that are depreciated over their useful life. This means you can claim them over time as a deduction in your income tax return. 

You can also claim general business expenses such as motor-vehicle expenses, travel expenses, legal expenses and digital product expenses. If you have been working from home since COVID-19 hit, you can also claim home-based business expenses. 

As you can see, the list is almost endless on what you can claim as a business owner, and we know first-hand that doing your taxes can be stressful. 

If you have any questions or need help figuring out exactly what tax deductions you can claim, Get in touch