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Record keeping for common business expenses

It is important to remember that whenever claiming business expenses in your tax return as a deduction, you must have the records to substantiate your claims.  There must also be records as to how you worked out the business use proportion of relevant expenses.

The Australian Taxation Office (ATO) has information and examples for common business expenses and what type of records you need to keep for claiming deductions.

The common business expenses are motor vehicle expenses, business travel expenses and home-based business expenses.

Other business expenses that are paid for in cash, online, or using credit or debit cards, which you will claim as a tax deduction will require receipts, tax invoices, cheque book receipts, credit card vouchers, diaries to record cash expenses, purchase records from suppliers and work sheets for calculations.  These business expenses can include salary, wages and super, repairs, maintenance and replacement expenses, operating expenses and depreciating assets and capital expenses.

For more information, go to the ATO website.


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