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  • Income and deductions

    You may be eligible for a range of deductions for business expenses to reduce your assessable income.

    When you lodge your tax return:

    • You need to report all of your business income.
      • If you’re a sole trader, you’ll report your business income (and any other income) in your individual tax return.
      • If you have another business structure, you will lodge a return for the business entity in addition to your own individual return.
    • You can claim tax deductions for most costs you incur in running your business, however there are some exceptions.

    See also:

    Home based business

    If you run your business from home, there are some tax issues to consider, including:

    • what you can claim as expenses
    • capital gains tax implications if you sell your home later

    Operating your business from home may also affect your insurance.

    See also:

    Last modified: 10 Nov 2016QC 50462