According to the ATO, of all of the things that can cause small businesses to fold, "high on that list is poor record keeping". More than half of the businesses they visited in their Protecting honest business campaign needed to improve their record keeping. Issues they found include businesses: estimating their sales and income; using the 'no sale' and 'void' button on cash registers when taking cash payments; not keeping cash register tapes and not reconciling at the end

I am forever being asked if you can claim gifts to clients. So here is the short answer. You can claim a deduction for the cost of gifts bought for work purposes if you are a salesperson or property manager entitled to receive your income from commission or both commission and retainer. You cannot claim a deduction if you earn a fixed income and you are not entitled to earn a commission. Gifts you can claim include: a Christmas hamper a bottle of whisky wine gift vouchers a b

Do you want to claim your home office expenses? How home office expenses work.... You may be entitled to claim deductions for home office expenses: Running costs may be deductible. Occupancy expenses are generally not deductible for an employee. You must keep records. Running costs If you perform some of your work from a home office, you may be entitled to a deduction for the costs you incur in running it, including: for home office equipment such as computers, printers and t

What you can claim? You can claim expenses relating to your rental property but only for the period your property was rented or available for rent – for example, advertised for rent. Expenses could include: advertising for tenants bank charges body corporate fees borrowing expenses capital works council rates decline in value of depreciating assets gardening and lawn mowing insurance interest expenses land tax legal expenses pest control phone property agent fees or commissio