![]() ![]() We are committed to providing you with accurate, consistent and clear information to help you understand your rights and entitlements and meet your obligations. Concessions for small business entities (also available in Arabic, Chinese, Korean and Vietnamese).Īnswers to the most common questions you've been asking us about deductions for small business.Simplified depreciation for small business.If you sell your home, you may have to pay capital gains tax (CGT) on the business portion and declare it in your tax return. If you run your business at your home, or your business is based from home, you can claim the business portion of some expenses, including mortgage interest and electricity. What can I claim if I have a home-based business? Instant asset write-off for eligible businesses.The cost of each eligible asset must be less than the threshold applicable to the date range that the asset was first used or installed ready for use: If temporary full expensing does not apply, under instant asset write-off you can immediately deduct the business portion of the cost of eligible new or second-hand depreciating assets. The eligible assets must be first held and first used or installed ready for use for a taxable purpose, between 7.30pm (AEDT) on 6 October 2020 and 30 June 2023. Under temporary full expensing, you can immediately deduct the business portion of the cost of eligible new or second-hand depreciating assets. accommodation costs and meal expenses for overnight business travel – fringe benefits tax may apply for some employee travel expenses.Ĭan I deduct the cost of some assets straight away?.airfares, train, tram, bus or taxi fares.If you or your employees travel for business, you can claim: What business travel expenses can I claim? ![]() Remember – you can't claim private expenses and make sure you keep records to support your claims. ![]() You can claim a deduction for most costs you incur in running your business, for example staff wages, marketing, and business finance costs. ![]()
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