If you need assistance with understanding some of the tax and super terms, see our definitions. This may include hand sanitiser, sneeze or cough guards, face masks, gloves, other personal protective equipment, antibacterial wipes and other cleaning supplies that are used for business purposes.įor more information, watch our Claiming small business tax deductions webinar. For example, infection from COVID-19 or other transmissible diseases. You can also claim deductions for expenses related to protecting staff from safety hazards involved in performing their duties. You can't claim the GST component of your expenses as a deduction if you can claim it as a GST credit on your business activity statement. If the expense is for a mix of business and private use, you can only claim the portion that is used for your business.The expense must have been for your business, available as an allowable deduction and not for private use.There are 3 golden rules for what we accept as a valid business deduction: Also, some expenses are not deductible (for example fines). The amount of your deduction and when you can claim it will depend on the type of expense (for example certain capital expenditures are deductible over time) and whether it has any private or domestic purpose for which you must reduce your deduction. certain capital expenses, such as the cost of depreciating assets like machinery and equipment used in your business. purchases of products or services for your business.Types of business expenses you may be able to claim deductions for include: You can claim a tax deduction for most expenses you incur in carrying on your business if they are directly related to earning your assessable income. You may be able to claim a tax deduction for expenses you incur in carrying on your business.
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