You can claim deductions for most business expenses, as long as they directly relate to earning your income. For example, you may be able to claim deductions if your business:
- has set up a website
- has motor vehicle expenses
- uses diesel fuel
- operates at home
- has travel expenses
- uses machinery, tools or computers.
You must have records to prove the expenses that you claim as business deductions.
If you’re a sole trader, you can use the ATO app’s myDeductions tool to record your business income and expenses during the year.
Consider planning for the end of year by writing off any debtors or assets before the financial year ends to claim a tax deduction.