Australian business expenses checklist (Free guide)
Knowing which expenses are tax deductible is a great way to save those hard-earned dollars. Our checklist (linked below) will help you determine which business expenses are tax deductible.
It’s important to keep track of these expenses, as you must keep these records for 5 years. Making use of accounting software such as Xero simplifies expense tracking, tax admin, and the year-end process for filing taxes.
What are business expenses?
Business expenses are the costs which generate revenue within a business - such as equipment, rent, marketing, and staff salaries. Keep in mind, every expense may not be applicable to every business owner!
What is tax deduction?
A tax deduction is a business expense you deduct from your gross income, lowering your taxable income. This means you'll pay less tax to the ATO.
It's important for business owners to know which expenses are tax deductible. In this checklist, we'll show the difference between business expenses, and whether or not you'll be able to claim tax on them.
Ready to get started? Fill out the form to receive your checklist by email.
Frequently asked questions
1. Can I simplify my tax obligations?
Tax obligations include preparing documents, reconciliation of your books, and filing the right amount of tax.
An accountant can help with this, giving you the time to sort out the information you need. At Beany, we're here to help you find the right accountant for both you and your business - get in touch to find out more.
Read more on tips you business owners should know to save your tax bills.
2. When are tax returns due?
If you file your income tax yourself, tax returns are due on the 31st of October. However, if you're registered with an accountant before this date, you may be granted an extension to the 15th of May the following year. Be sure to check if you're eligible for an EOT (extension of time) with your accountant to avoid any fines.
3. How do I file my taxes?
You can either file your taxes yourself or hire an accountant to do so on your behalf. Keep in mind you are ultimately responsible for your own tax - however, a good accountant will treat your taxes as their own!
4. How can I make sure I'm claiming all tax deductions?
To make sure nothing is missed, it's important to stay organised and thorough. This is why we've created this checklist. It's a great place to start and can help you make the most of your tax claims.
5. How can Beany help me with my taxes?
We understand tax, and we understand our customers. With a dedicated Beany accountant, you'll receive unlimited support and advice when it's time to file your tax return. Find the package that works for your business here, or get in touch today.