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Top 5 Tax Claims Businesses Forget

Getting your personal tax in order can be an arduous task, let alone weaving your way through a standard business return.

It’s a long and confusing process that invites errors and complacency, even for the best financial minds. ITP is here to help. More than that, ITP is here to make sure you don’t forget the basics and overlook the latest business deductions, all whilst getting full representation with the ATO. Yes, it’s what we do.

To highlight how forgetful we all can be, we have listed some of the most common tax claims that businesses forget every year. 

1. Work-related car expenses 

Are you a business owner? Did you know you can claim your personal car for work-related travel. To be eligible, you must be the owner of the car and drive during work hours, for example, going to the post office, bank or driving between offices. 

2. Union and membership fees 

If you pay union or membership fees every year for your job, you are entitled to a tax deduction. 

3. Working from home expenses

If you are working from a home office, there are a number of expenses that can be claimed, including the internet you use. Check out our blog on the tax benefits you can claim when working from home due to COVID-19, here.

4. Phone expenses

It is always a good idea to keep a log of your business phone calls, because when it comes to tax time, you can claim them on your tax. ITP can help you organise and lodge your phone call registry, ensuring you are accurate and legitimately able to make this claim.

5. Tax agent fees 

If you use an ITP Business Specialist, an accountant or a bookkeeper to prepare and lodge your tax return, you can claim the amount you paid last year on your return this year. 

Need an affordable and reliable solution to manage all of your business tax? Want to ensure you don’t forget important tax claims and get full representation with the ATO? We can do it all for you, and yes, we’re available all year round! Contact us today by phone, email or live chat. It’ll be the best business decision you’ll ever make!

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