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Expenses & Deductions

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Although we must meet our tax obligations, we all want to avoid paying more than we legally have to in order to build and develop our wealth, businesses, investments and retirement income. So it is essential to know which expenses are claimable and which are not.

You can navigate to these articles by using the drop-down menus on the left of this screen, or click on the links below.

  • Some tax deductions are obvious, but there are others that are a little more obscure. See Business deductions: An overview for all your essential deductions. And if you're a member, see the Checklist of business deductions at the end of that article for a more comprehensive list of possible deductions that you may be able to claim (depending on your circumstances). You may find a possible deduction you just hadn't thought of before.

There are some big-ticket items that are deductible but have to be written off over time, or depreciated. See What's a depreciating asset? for all the details.

No business is guaranteed to never make a loss, but there are tax deduction opportunities in these too. Read Made a loss? Don't worry, it could be your next deduction for details.

If your business has conducted research and development, you could be up for some valuable tax credits. See all the details at The R&D tax break, and how to apply.

If the unthinkable happens, and fire, flood, earthquake or other natural disasters ruin your business, there is help at hand. See Dealing with disaster in less taxing ways for valuable information.

  • If you have chosen to work from home, there are helpful tax tips that your home-based business may benefit from, so read Working from home for details.
  • Small business has been singled out as deserving of special consideration, and Concessions for the engine room contains information that could help.
  • The most common tax deductions relate to vehicles, so knowing what can be claimed will be handy for your business. Read all about it in Driven to deduction. And if a luxury car figures into your world, see the details for these in Nice wheels ... now for the tax.
  • And while on the subject of motorised transport, don't forget that fuel tax credits could be available to help drive your business further. See Fuelled up credits for information.