When it starts getting close to the End of the Financial year, many businesses have a freak out about all the expenses they *forgot* to claim throughout the year, didn’t keep receipts for, or perhaps just didn’t pay attention to. We decided to compile a list of five easy deductions that you can still claim – or at least start doing so from the start of the next financial year!
Coffee Catchups with Clients
If you’re meeting clients or customers and spending money to do it – ie. taking them for lunch or having a coffee while you discuss how you could work together or any projects that you’re currently completing, this may be claimable. Make sure to keep your receipts, and when it comes to tax time – talk to your accountant about your individual circumstances.
Home Office Expenses
If you have a dedicated space in your home allocated for an ‘office’ or ‘workspace’, you may be able to claim any associated costs. Things like a printer, ink, a desk, tools, and more, can be claimed with the right justification. Again – always keep your receipts! And your accountant will be able to talk you through what is claimable or not.
Travelling to and from client appointments, for deliveries, anything to help grow your business may be claimable on your tax also. Some businesses choose to logbooks to track this, others make an estimate of how many kms per week are travelled relating to business. There are limits to how many kms you can claim – but make sure you’re keeping a record of this or can estimate figures and your accountant will help you work it out.
You may have sponsored a charity event, paid for a ticket at a charity dinner, or simply donated to a charity via your business. These are often forgotten and may also be a valid deduction for you to claim on your return. Check back over the last 12 months and see if there’s anything you might be able to claim.
Dry Cleaning & Laundry Expenses
For any positions where a uniform is required – individuals are usually able to claim on any dry cleaning or laundering expenses required. Even if you don’t do it all the time – that $50 one off for full dry cleaning of your uniforms may be able to be included when it comes to tax time.
We recommend you speak to your accountant (hopefully that’s us!) to ensure you’re within the guidelines for your deductions. With the right information, you’ll be able to make the most of your business spending and receive the maximum refund.
For more advice or to setup a time to chat – email [email protected] today!