Depreciation is “that part of the costs of a fixed asset to its owner which is not recoverable when the asset is finally put out of use”. Depreciation is the cost of an asset written off over the life of that asset.
If you provide entertainment for staff or clients, some of the entertainment expenses are tax deductible. Learn how to expense business entertainment expenses which can be claimed back and how it applies to you.
Many people who run a small business use an area set aside in the family home for work purposes. If you do this, you may claim for the area set aside. Learn how to claim for part use of your home for business incl how it can help you.
If you are a sole trader or in a partnership and you use your own vehicle in the business, you can claim the running costs for income tax. Learn about the types of situations where vehicle expenses may be claimed as an expense.
If you spend time travelling as part of your business you can claim business travel as an expense. Learn the travel costs which you can claim as a business expense both for domestic travel and for business trips overseas.
A taxpayer who has a net loss for an income year is entitled to carry forward that loss to succeeding years to be written off against future income. The taxpayer cannot set off net losses in excess of the income for a following year.