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Maximising your tax return as a home-based business

Small business owners may be able to claim deductions for the costs of using your home as a principal place of business when filing your 2019 income tax return.

Tax deductions may be claimed for the business portion of expenses that include electricity, cleaning, rent payments or mortgage repayments. However, it can be difficult to ensure you are claiming expenses you are entitled to. How you operate the business out of your home will determine the types of expenses that may be claimed. Your business structure will also affect your entitlements and obligations when claiming deductions on home-based business expenses.

Individuals that operate a business as a sole trader or partnership are entitled to claim a deduction for the costs of running their business from home. There are two types of expenses that can be claimed, running expenses or occupancy expenses. Running expenses refer to the increased costs of using your home’s facilities for the running of your business. Occupancy expenses are those that you pay to own or rent your home.

Typically, those that are eligible to claim occupancy expenses can also claim running expenses. Records that need to be kept include written evidence, tax invoices and receipts, which should substantiate your claims for all home-based business expenses. You may consider consulting a trusted advisor or registered tax agent to ensure that you meet all obligations when claiming deductions in your tax return.

our Services

Accounting
services

In the constantly changing business environment, you can rely on our business services team to be expert, up-to-date and ready at hand to assist you with your business matters. Whether your concerns are taxation, accounting, business planning, cashflow and budgeting, or business valuation, rest assured that our staff are available to advise you.

audit
services

There is no such thing as a ‘one size fits all’ audit. We use the latest technology to provide individual assessments, producing comprehensive reports in which your stakeholders can have the utmost confidence. We are also happy to offer due diligence systems reviews and financial consulting advice.

company
secretarial

Communication and effective administration are essential elements of a successful organisation. Regardless of the size of your business, we are ready to support you with a team of highly qualified secretarial and support staff.

taxation
services

We regularly deal with a broad range of personal and corporate taxation issues and make a point of understanding the individual needs of every client. Whether you need advice on company tax, personal tax effectiveness or indirect taxation including payroll tax and GST, our team will identify the best solutions for you.

self managed
super funds

The way your superannuation is managed now will have a significant impact on the choices you have in retirement. Self-managed super funds are perfect for those looking for greater control of their savings and are one of the best ways to ensure that you will have sufficient funds for retirement.

specialist
services

In addition to our normal services, we have developed specialist knowledge and expertise in the following sectors:

Christian organisations

Audit of incorporated associations.