As the financial year ends, our chartered accountants have prepared an updated guide on a few items that will assist in minimising the stresses of preparing your taxes. The guide includes some of the latest announcements by the Government. As you may appreciate, there are many more rules and many other deductions that may apply, however, we have noted a few to help you assess the items to see whether they are suitable for you.
Business and sole trader deductions differ from deductions allowed as an employee.
Employees are allowed deductions that directly relate to them earning the income, whereas the deductions for businesses are a bit broader where deductions can be claimed for expenses that also relate to running your business.
Consider what you may have purchased to help you run your business. Stationery? Diary? Protective Equipment? Magazines, Journals and Subscriptions? Examples of some common deductions are below.