As the end of the year approaches, more and more business owners begin to think about preparing their files and paperwork to lodge their business tax returns. And while you may think that you have the process sorted and are claiming all of the available items you can, there may be some which you are forgetting.
Below are three of the most common businesses expenses in your budget which you can consider claiming on your business tax return.
Space. Not rent. Space. While the majority of business owners know that they can claim the rent they pay for their store, many aren’t aware that the ability to claim for this type of expense isn’t just limited to storefronts.
- If you needed to store surplus products in a temporary warehouse during the year, you can include this cost.
- If you needed to hire space a trade show or a convention for a promotional booth, can you include this cost?
Whatever space, if you paid for it and it was required for the successful operation of your business then it … Read the rest