Making Tax Time Less Daunting
At Lee and Associates, we know tax time can feel like a daunting maze of numbers, forms, and regulations. For small business owners, the challenge is even greater—ensuring compliance while trying to maximise deductions to keep more of your hard-earned profits. That’s where working with a trusted business tax agent makes all the difference.
We’re here to uncover the hidden deductions that many businesses overlook, helping you minimise your tax liabilities and maximise your savings. Let’s explore some of the key deductions you may not even realise you’re eligible for.
1. Home Office Expenses
If you run your business or manage a significant portion of your work from home, you could be missing out on claiming a portion of your home office expenses. These may include:
- Electricity and internet costs
- Depreciation of office equipment, such as desks and chairs
- A percentage of rent or mortgage interest, based on the dedicated workspace area
- Our role as your tax agent is to ensure these deductions are calculated accurately and comply with ATO guidelines.
2. Professional Development
Investing in yourself or your team through professional development isn’t just good for business—it’s also a deductible expense. Courses, workshops, or seminars directly related to your business operations can often be claimed, along with associated travel and material costs.
We ensure every relevant expense is accounted for, so you’re not leaving money on the table.
3. Vehicle and Travel Costs
Do you use your car for work-related tasks? Whether it’s travelling to meetings or delivering goods, these kilometres can add up to significant deductions. Common claims include:
- Fuel and maintenance
- Insurance and registration
- Depreciation for business-use vehicles
- We also handle more complex scenarios, like mixed personal and business use, ensuring accuracy and compliance with ATO standards.
The Value of Partnering with a Business Tax Agent
Identifying and claiming these deductions requires more than a quick glance at your receipts. It’s about understanding your business, your expenses, and current tax regulations to uncover every opportunity. That’s exactly what we do at Lee and Associates.
With our personalised approach, we help small business owners navigate the complexities of the tax system with confidence. As a trusted business tax agent, we’ll not only handle the paperwork but also provide strategic advice to reduce your liabilities and keep your business thriving.
Ready to Maximise Your Deductions?
At Lee and Associates, we’re passionate about helping Brisbane’s small business owners succeed. Contact us today to book a consultation with our knowledgable team.
For more information on business tax strategies and compliance, check out the ATO’s official small business tax deductions guide.