Claiming expenses is one of the best ways small businesses can gain a tax advantage, but unfortunately, many small businesses don’t understand what, or how, they can claim.
The ATO allows businesses to pretty much write off any cost incurred in running a business, (within reason and according to its guidelines), but there’s another equation involved. Many businesses simply don’t put the effort into figuring out what they can claim, or worse still, make mistakes that could put them in the firing line.
It’s important for small businesses to realise that falsely or incorrectly claiming expenses is not something the ATO takes lightly. Indeed, each year the ATO releases a “hit list” of areas in which it will investigate to make sure expenses and other tax matters are being claimed accurately.
Last year, the ATO said it would particularly target those who made mistakes regarding work-related claims, a focus they’re unlikely to let up on.
So if you’re set on claiming expenses, remember you need to do it properly. Our handy infographic will show you how.
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