Tax Deductions


Common business deductions

21 July 2022

As a SME preparing your tax return is an important part of the EOFY process. Whether your business has invested in your employee’s development, protected the team with COVID and health related purchases, provided re-imbursement for travel and or car expenses it’s important to capture that in your tax return.

However, if your business has requested employees claim this back as individuals it’s important to remind them of the boundaries. Some potential claims include:

  • Car expenses for transport between worksites or offices (this doesn’t apply to travel between work and home)
  • Training courses eg: first aid, OH&S, or recruitment training
  • Professional annual membership fees eg: industry association memberships
  • Frequent flyer programmes if the employee is travelling again
  • Equipment used for work purposes eg: a laptop or mobile phone
  • Work-related books, magazines and journals
  • Personal Protective Equipment
  • Covid related expenses (hand sanitiser, masks or Covid tests)
  • Influenza vaccinations.

Tax time doesn’t have to be overwhelming. Being across the basics and keeping clear records throughout the year can help keep it stress-free.

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