Many of us are mostly aware of the common tax-deductible purchases that you can claim against. As you provide information to your accountant to crunch numbers come to the end of the financial year, we determine the amount of tax you need to pay as a business whilst considering expenses you have shouldered throughout the year.
Most good accountants ensure that all you have purchased throughout the year that can be claimed back against is accounted for, but unless you keep good documentation and give a valid reason, it can be overlooked.
Such common purchases include work-related products. These include laptops, vehicles, fuel and depending on your line of work and your business’s expectations; this can be quite a broad and varied area where the team here at Dillion Partners work hard to align with ATO (Australian Tax Office) obligations for your benefit.
There are some tax-deductible purchases you might not know about, however. So we thought it might be a good idea to share some of the less common products and services that you might have treated yourself to throughout the year, not knowing that they can be claimed back to your business.
3 tax-deductible purchases you might not know about.
1 – Dogs
Unfortunately, the household pet who has significant emotional support for you doesn’t quite qualify yet. However, if you own a business where a dog guards the premises, this dog will undoubtedly be a deductible expense. Farm dogs also can be instant asset write-offs for these smaller businesses.
2 – Clothing
If you need specific clothing that protects you from illness and injury during work, then we can work our magic to ensure you save where you can. Your typical white-collar shirts and pants and subsequent laundering of these aren’t deductible. However, if you work outside, then sun protection is considered, work boots, and uniforms that include your company’s logo.
3 – Working from home?
If you have been working from home for some part of the year, and let’s face it, most of us have been, then your home office can be claimed back against, saving you a percentage on your rent or mortgage. We need to determine the area of space put aside for your work office to put a monetary value on this. We can also include electronic devices, the cost of running these and part of your phone bill if you can prove it has been used for working purposes.
Contact our accountants at Dillon Partners on (03) 9696 1788 to get started on your financial tax claims, or visit our office based at
Level 1, 10-12 York Street, South Melbourne
Victoria 3205, Australia
