With Corey Russell, CPA
Running a business comes with its share of highs and lows, income and expenses, and often a lot of confusion about what tax deductions you can claim. Don’t let uncertainties hold you back—consult your Accountant to discover all the deductions available for your small or medium enterprise (SME).
Understanding SME Tax Deductions
As an SME owner, you likely know that tax deductions must be business-related and not personal. But let’s delve into some specific deductible expenses:
- Accounting and Bookkeeping
- Advertising
- Bank Fees and Charges
- Business Travel Expenses (more on that later)
- Building Maintenance
- Commissions and Fees
- Depreciation (asset value reduction over time) and Amortisation (gradual cost write-off)
- Freight and Transport
- Professional Services (lawyers and accountants)
- Rent and Utilities
- Education and Training and so much more.
If you’re unsure about what qualifies as a tax deduction for your SME, your Toowoomba Accountant can provide the clarity you need to approach tax time confidently.
Business Travel Expenses
Do you travel for business? This includes expenses for air, bus, rail, taxi, and Uber fares, as well as costs for overnight or longer business trips.
Keep a diary of your business travels as written evidence of the incurred costs, noting:
- The type of business activity
- When the activity commenced
- How long the activity lasted
- Where the activity was held
Documenting the who, what, where, when, and why of your business travel expenses will be invaluable when consulting with your Accountant about tax deductions.
Documentation is crucial for SME tax deductions. If you struggle to keep track of your receipts, invoices, and other business-related financials, we can can help minimise your tax bill.
With over 35 years of experience, Moore Lewis & Partners specialise in a wide range of industries, from agriculture and medical to construction and eCommerce. Our expert advice and accounting services empower individuals, families, and businesses to achieve financial success, security, and peace of mind.
Want to know more about tax deductions for small and medium businesses? Contact your Toowoomba Accountant, Moore Lewis & Partners, today to ensure your business is prepared to reap the rewards come tax time.
