Home Business Tax Deductions

Knowing what you are able to claim as a tax deduction when you start your own home business, is very important.  In general, tax deductible expenses that are particular to home based businesses are occupancy expenses, running expenses, home office expenses and motor vehicles expenses.

Occupancy expenses can include:
Rent, mortgage interest, council rates, and house insurance premiums

Running expenses cover the costs of using facilities within your home because of your business activities such as:
Utility expenses, phone costs, internet costs, the decline in value of office equipment, your home computer, printer etc,  office furniture and furnishings and also things like cleaning costs.

You may also be entitled to claim motor vehicle expenses.

For example, you can claim the cost of travelling to see a client or customer, purchasing equipment or supplies, doing your banking, trips to the post office or driving to see your tax advisor.

For further tax information and help, you should contact the ATO Business assistance line Phone:  13 72 26