Unlock More Tax Savings: Your Small Business Deductions Cheat Sheet

Thinking expenses are just outgoings? Think again—it’s time to see them as powerful tax-saving tools. Our Aussie guide helps small business owners claim confidently, strike the perfect balance between compliance and cash flow, and elevate your financial game.

✅ Key Takeaways:

• ✅ Know the ATO’s 3 Golden Rules: Must be for business, apportion shared costs correctly, and keep receipts to substantiate every claim 

• ✅ Track operating expenses meticulously: Bank fees, software, insurance, marketing – almost every business cost is deductible 

• ✅ Use Asset Write-Offs wisely: The Instant Asset Write-Off lets you deduct the full cost of eligible assets in the purchase year – great for equipment or vehicles 

• ✅ Benefit from lower corporate tax: Small businesses (turnover under $50 m) enjoy a 25% tax rate for 2024–25 

• ✅ Track home office costs efficiently: Choose between a simplified fixed rate (70¢/hour) or actual-cost method to claim internet, power, and depreciation 

• ✅ Maximise vehicle deductions: Whether through logbook or cents-per-km, ensure you log every business trip accurately 

• ✅ Become record-keeping savvy: Use digital tools, separate banking, and retain invoices for at least five years – audit-ready and efficient 

  
  

? Curious to dive deeper? Check out the full insights in the original guide: Small Business Tax Deductions in Australia – Full Article.

? Prefer a broader overview of our services? Visit our homepage for more expert resources: Baron Tax & Accounting

Empower your business, optimise your tax return, and stay confidently compliant—Baron Accounting has your back.