Deductions you can claim

Claiming deductions when receiving PSI

Earning personal services income (PSI) may affect the types of deductions you can claim.

Deductions

You may be able to claim a tax deduction for expenses you incur in carrying on your business.

Deductions for home-based business expenses

How to claim tax deductions for home-based business expenses if you operate some or all of your business from home.

Deductions for motor vehicle expenses

As a business owner, you can claim a tax deduction for expenses for motor vehicles – cars and certain other vehicles – used in running your business.

Deductions for repairs, maintenance and replacement expenses

Businesses may be able to claim for non-capital repairs, maintenance or replacement of machinery, tools or premises used to produce business income.

Deductions for salaries, wages and super

Business owners can generally claim a tax deduction for salaries and wages paid to employees and for superannuation contributions made for them and certain contractors.

Income and deductions for business

This information has been refreshed. Most income received from carrying on a business is assessable for tax purposes. You can claim deductions for expenses and may be eligible for concessions, offsets and rebates.

Losses

If your business makes a loss, you may be able to carry it forward or offset it against other income.