Small Business Tax Deductions

Claiming business deductions

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 nature of each expense.

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; however they must be readily accessible and available in English.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s