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Our small business accountant in Sydney talks about tax deductions you may be able to claim

With tax time around the corner, a lot of people tend to look for new and innovative ways that they can save money on their tax deductions by trying to claim back on everything. So our small business accountant in Sydney will talk to you about potential tax deductions that you may be able to make.

There are certain reasons as to why you can claim back on general expenses and your business accountant should make sure they tick these boxes:

• The money spent was not reimbursed by your employer
• The money spent was work related
• You have an official record of the expense (you may not need to show this if it is $300 or less)
• If the cost was for both personal and business use, you would be able to claim a small portion of it

With the above regulations in mind, now you may be able to make claims on the following expenses:

• Vehicle and travel expenses
• Clothing, laundry and dry-cleaning
• Gifts and donations
• Home office expenses
• Investment income deductions
• Education

While there are a lot of other expenses that you would be able to claim back on, it is important to understand that false claims will potentially result in an audit for yourself or your business. Our small business accountant in Zetland takes extreme care when dealing with our client’s taxes to ensure everything is done correctly.

As always, feel free to get in contact with our small business accountant in Sydney with any enquiries you may have or you can check out our services here.