Taxpayers can claim a tax deduction for most business expenses, provided they meet the ATO’s three ‘golden rules’:
- The expense must be for business use, not for private use.
- If the expense is for a mix of business and private use, they can only claim the portion that is used for business.
- They must have records to prove their claim.
The ATO also wants business taxpayers to remember that there are some expenses that they cannot claim, including entertainment expenses, traffic fines, and expenses that relate to earning non-assessable income.
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