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How to apply for tax write offs as a small business

by OnDeck Australia,   May 08, 2023

How to apply for tax write offs for a small business


As the end of the financial year begins to creep up on us, it’s important for small business owners to begin thinking about tax time! As a small business owner in Australia, you may be eligible for tax write-offs that can help you save money on your tax bill. Tax write-offs are deductions that reduce your taxable income, which can lead to significant savings. In this blog, we’ll discuss how Australian small businesses can apply for tax write-offs.


1. Understand what tax write-offs actually are.

You’ll hear the term tax write-offs a lot, especially around the end of the financial year, so it’s important to know what they actually are. Tax write-offs are expenses that can be deducted from your taxable income, thereby reducing the amount of tax you have to pay. Among the most common tax-write offs for small businesses are:


  • Office supplies and equipment
  • Vehicle expenses
  • Business travel
  • Advertising and marketing costs
  • Rent and utilities for your business premises
  • Employee wages and benefits
  • Professional fees such as accounting or legal fees


2. Keep detailed records

To be able to claim tax write-offs, you need to keep detailed records of all of your business expenses. This includes receipts, invoices, and any other documents that show what you’ve spent money on. You should also keep a record of any income you’ve received from your business. Therefore, when tax time comes around, you’ll be ready to go with an accurate idea of how much you can claim back.


3. Determine what you’re eligible to claim

Not all expenses are eligible for tax write-offs, so it’s important to know what you can claim. The Australian Taxation Office (ATO) provides detailed information on what expenses are deductible for small businesses. To visit the ATO’s website to gain a clearer picture, click here. You should also consult with a tax professional to ensure you’re claiming all the deductions you’re entitled to.


4. Claim your tax write-offs

When it’s time to file your tax return, you can claim your tax write-offs by including them in your tax deductions. This will reduce your taxable income and, in turn, lower your tax bill. You can claim tax write-offs on your annual tax return or in your business activity statement (BAS) if you’re registered for GST.


5. Keep up with tax law changes

Tax laws in Australia can change regularly, so it’s important to stay up-to-date with any changes that could affect your small business. This includes changes to tax rates, thresholds, and deductions. Staying informed can help you make the most of any tax write-offs available to your business. Check out more of OnDeck’s small business blogs about tax here.


In conclusion, applying for tax write-offs is a must for Australian small business owners, being a great way to save money on your tax bill. By understanding what tax write-offs are available, keeping detailed records, and consulting with a tax professional, you can ensure you’re claiming all the deductions you’re entitled to. It’s also important to stay informed about any changes to tax laws that could affect your small business.



Prepared by OnDeck Capital Australia Pty Ltd ABN 28 603 753 215 (“OnDeck”) for general information purposes only. Content may belong to or have originated from third parties and OnDeck takes no responsibility for the accuracy, validity, reliability or completeness of any information. Information current as at May 2023. You should not rely upon the material or information as a basis for making any business, financial or any other decisions. Loans issued in Australia are subject to the terms of a loan agreement issued by OnDeck. Loans are subject to lender approval. OnDeck® is a Registered Trademark. All rights reserved.

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