Running a small business in Australia is hard work—there’s no question about that. But when it comes to tax time, we’ve got some good news: there are a lot of deductions you can claim! From the obvious ones to the hidden gems, this guide will take you through 100 potential tax deductions, all wrapped up in easy-to-understand language.
So grab your coffee (tax-deductible, by the way, if it’s in the office!), and let’s get started.
What Exactly Can You Claim?
Tax rules can feel as dry as toast, so let’s make it simple: if the money you’ve spent directly relates to running your business and earning income, there’s a good chance it’s tax-deductible. Just ask yourself, “Would I have spent this money if I weren’t in business?” If the answer is no, it’s probably deductible.
Some expenses—like equipment and software—might follow special rules, but don’t worry, we’ll touch on those too. The key is to keep solid records, especially your receipts and invoices. No paperwork? No deduction.
📌 Quick Tip: Make It Easy for Your Future Self!
Instead of waiting until June to organize all your receipts, start tracking expenses throughout the year. There are plenty of apps and tools (like Xero or Hubdoc) that make it simple. Your future self will thank you when tax time rolls around!
Top Tax Deductions You Might Be Missing Out On
We all know you can claim things like accounting fees and internet, but here are 100 deductions (some common, some surprising!) that could seriously cut your tax bill.
- Accounting fees (We’ll start with an easy one!)
- Amortization (Spreading out the cost of large purchases)
- ASIC annual fees (Necessary if you’re a company)
- Apps for your business (Yes, even Canva counts!)
- Bad debts (Only if you use the accrual method)
- Bank fees (Your business accounts)
- Bookkeeping services (Keep those books in check)
- Branding expenses (A logo is a business must-have)
- Business cards (Yes, they’re still a thing!)
- Business name renewal
- Business travel (Don’t forget to keep a diary)
- Car washes (If you use your car for work, of course!)
- Co-working spaces (Great for freelancers!)
- Coffee machine (That office caffeine supply = deductible!)
- Cleaning services (If you rent an office, this is for you)
- Cybersecurity software (Protecting your business counts)
- Customer gifts (Make sure they’re non-entertainment)
- Depreciation on assets (Things like laptops or office furniture)
- Domain fees (Your website needs one)
- Electricity (For office spaces)
- Embroidery on uniforms (If uniforms are required)
- Equipment hire
- Franchise fees (If you’re part of a franchise)
- Graphic design (Logos, social media banners, and more)
- Insurance (Think liability or professional indemnity)
- Interest on business loans
- IT support (You’ll need it at some point!)
- Landscaping (For your business premises)
- Meals while on business trips
- Music licensing fees (Using background tunes at events?)
- Office plants (Yes, even greenery can be deductible!)
- Parking fees (When you’re traveling for work)
- Payroll processing fees
- Pest control (Nobody wants critters in their office)
- Photography services (For your website or socials)
- Postage (Snail mail still exists for business)
- Professional development (Conferences, workshops, and courses)
- Recruitment fees
- Repairs and maintenance
- Social media ads (Think Meta, LinkedIn, etc.)
- Stationery supplies (Notebooks, pens, and the whole lot)
- Subscriptions (Think Xero, Rounded, Microsoft 365, or Adobe Creative Cloud)
- Superannuation payments (Make sure they’re on time!)
- Taxi and rideshare expenses (Business-related trips, of course)
- Textbooks (For work-related study)
- Uniforms (If they’re required for your job)
- Videography services
- Website hosting
- Xero or Rounded subscriptions (A must for small biz accounting!)
Now, we could keep going, but I’m sure you get the idea—there are plenty of deductions out there you might not have considered. Even everyday business tools, like that Canva subscription or the coffee machine in your office kitchen, can add up to serious tax savings.
What You Can’t Claim
While the list of deductible expenses is long, there are still a few things you can’t claim:
- Personal or private expenses (like your groceries, obviously).
- Capital expenses (these are depreciated over time, like big equipment or property improvements).
- Any expenses related to earning exempt or non-taxable income.
Let’s Wrap This Up
Keeping track of your expenses and knowing what you can claim isn’t just about reducing your tax bill—it’s about running your business smarter. Every dollar saved is a dollar that can go back into your business!
If you’re ever in doubt, don’t hesitate to reach out to us. We’ll help you navigate those tricky deductions and make sure you’re not leaving any money on the table.
Found something on this list you didn’t know you could claim? We’d love to hear about it! Let’s chat and get those deductions working for you.