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  • Claiming deductions and concessions

    If you spend money on business expenses, you may be able to claim a tax deduction, which means that you pay less tax. You may also be eligible for some small business tax concessions.

    Deductions for business expenses

    You can claim something as a tax deduction if you have:

    • already paid (or committed to pay) for it
    • bought it for your business
    • kept a record of buying it.

    See also:

    Setting up a home-based business

    If you're considering setting up a home-based business, you can claim a deduction for expenses incurred in using your home as part of the business.

    Generally you'll be able to claim electricity and the decline in value of office furniture. In some circumstances you may also be able to deduct part of your rent and mortgage interest.

    See also:

    Small business tax concessions

    You may be eligible for one or more tax concessions for small business, such as:

    • immediate deductions for prepaid expenses
    • instant asset write-off
    • deductions for professional expenses for start ups
    • small business income tax offset
    • capital gains tax (CGT) relief.

    See also:

    Last modified: 13 Mar 2017QC 51476