The vast majority of business costs can be claimed as a tax deduction for business owners, including operating expenses, business travel expenses, home-based business costs and costs of employing people.
When working out what business deductions to claim this tax time — it’s important to remember three golden rules:
One: the money must have been spent for your business not yourself;
Two: if you use something for business and private purposes, you can only claim the portion that is related to your business;
And three: You need a record to prove it
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