You can claim most expenses you incur in running your business as deductions to reduce your assessable income. The rules can vary depending on the business structure you operate under and the nature of each expense.
Keeping good records
You must keep records of your business transactions, including expense claims, for five years after they are prepared, obtained or the transactions completed, whichever occurs later.
If you don’t have those records, your expense claim may be denied or reduced. Store records in either paper or electronic form. But they must be readily accessible and available in English.
At South East Access we are committed to the proactive delivery of a full range of business management services and resources to help our valued clients reach their full financial potential.
South East Access services is always of exceptional quality, focusing on:
- Business Development & Support
- Management Accounting
- Tax Return Preparation
- Stress-free reporting to the Australian Taxation Office
For more information on Business tax deductions, GST and Business Activity Statements contact the team at South East Access