Deductible Expenses Planning

Deductions Allowable Strategy
The expense claims available as legitimate deductions to a self employed or business taxpayer are dependent on the purpose of the expense, the type of business you have and the circumstances or conditions applying that require the expenditure to be made.

It is impossible to cover every conceivable allowable expense, even in a section ten times this size. Nevertheless we have compiled a list that covers most of the deductions applicable to most businesses and it is up to you to see what relates to your type of business and make your claims to suit.

This section is mainly applicable to those:

  • in business on their own account as a sole trader or partnership
  • in business under a company or trust structure
  • with income where tax has not already been deducted or paid
  • with commissions or other income not yet taxed and where expenses relating to their work have yet to be claimed.

The more common expenses which require further explanation have been outlined in detail in the next sections.

It is a good idea to make the “expenses-claim headache” into a game. Sit down with pen, paper, spouse and dog and jot down every conceivable expense that you incur in earning your self employed or company income. Let yourself go and allow your imagination to run riot. You may be pleasantly surprised.

Remember, you can claim whatever expense it costs you to earn your income. It is irrelevant that no one has ever claimed that particular expense before.

You are limited only by your imagination – with the proviso of course that everything you put on the deductions list is genuine and correct and actually incurred by you or your business to earn income on which tax will be levied.

What is the Tax Reduction Secrets Manual?
In the previous section you saw displayed one of the largest lists compiled of over 500 plus potential expenses you can claim against business or other taxable income.

All 500 plus deductions are fully explained with comment, tips, what to do, what not to do, conditions for deductibility etc in a specially written “Tax Reduction Secrets” manual developed for those in self employment or in business in a partnership, company, trust or other business entity.

Not before available in print, this large published list of deductions for your business will save you hundreds if not thousands of dollars each year in tax saving.

This tax knowledge has previously been available only to tax and business professionals and advisers who charged substantial fees for the information when completing their client’s taxation affairs.

Now it’s available to you at an affordable cost – and the cost is 100% tax deductible if for your business or for helping you earn taxable income.