When tax time rolls around, you’ll want to make sure you’re claiming all the expenses you’re entitled to in order to minimise your tax bill.
Self employed people (this includes contractors and sole traders) are able to claim lots of different expenses against their income.
These expenses include:
- travel for business purposes – including vehicle expenses for your own vehicle if used in the business
- rent paid on business premises – this also relates to a portion of your home expenses if you have a home office
- assets purchased for business purposes (eg office furniture and equipment) can be depreciated
if you borrow money in order to run the business, the interest on this money is deductible
- some types of insurance premiums
- if you subscribe to industry publications, or pay professional membership fees, the cost of these is also deductible
- phone bills for work related calls
- office stationery and supplies
- work uniforms
- tax agent’s fees
Unless you are well abreast of all the rules and regulations in the area of income tax, having a tax agent complete your financial accounts and tax returns is likely to save you money. Come and see us today!