Business expenses

[morag-janet-of-the-hill-family]

When i was a private contractor I looked up all the things I could claim as an expense in my business. I found out if I spent up to $500 on anything for the business I could claim it fully as an expense, anything over $500 I could claim depreciation on, such as a business vehicle. I also found out that if I did any travelling to pick up anything for the business or to visit clients or to go to training programmes. I could claim petrol costs as an expense and the tax department had a fixed rate per kilometre that you could claim as a business expense when travelling for business, I found out I could claim the cost of food at the the training programme as well as the cost of the training and hotel fees as a business expense when I went away on business. I could claim power and rent as a business expense, I could claim dinners with clients as a business expense, if I was paying rent I could claim that as a business expense. I could claim expenses for any party I put on for any employees I might have. So I invested heavily in the business and this reduced my tax bill enormously. So the best way to find out what you can claim is to look at the rules on the Tax departments website or in their business pamphlets. Any opportunity I had to claim something as a business expense, I claimed. I kept receipts and evidence of my spending and travelling etc and put it all into sleeves in a folder for each month to keep it organised just in case we were audited (we were and it went smoothly).

[morag-janet-of-the-hill-family]

‘Module 2 Legally and legitimately minimise Tax (personal and/or business tax)’ would be a great module for you to purchase