Tax tips for small businesses by our business accountants in Melbourne
Do you have a small business and are unsure on what to declare in your tax return? Our business accountants have explained below what you’re entitled to claim in your next tax return.
Firstly, it is important that you include all your income in your tax return, including all cash and online sales. Don’t forget that if you’re also renting out a room from your business office or renting out a car park space, you must include this income as well.
As small business accountants in Melbourne, we want other small businesses to claim what they are entitled to. Therefore, you can claim tax deductions for most of the costs that incur throughout the running of your business. This includes operating expenses such as stationary and wages. Capital expenses, such as building machinery and equipment, are claimed over a longer period of time.
You are also entitled to tax deductions if your home is your place of business. Our Melbourne small business accountants want you to receive back a portion of running costs if you use facilities at home to run your business, such as:
Make sure you don’t claim deductions for private or domestic expenses such as entertainment or fines.
If you have any other questions, feel free to contact our business accountants in Melbourne today.