Institute of Certified Bookkeepers

Getting small business expenses right

To help your small business clients understand their entitlements and avoid mistakes in their tax returns, the ATO has developed a new Tax Time Toolkit 2019 – Small business, along with a downloadable version, 2019 Tax Time Toolkit Small Business.

The toolkit covers information about:

  • three of the most common expenses
    • home-based business
    • motor vehicle
    • business travel
  • Single Touch Payroll (STP) for small employers.

Each fact sheet within the toolkit is also available as a PDF. You can share them with your small business clients or use them when you next meet with your clients.

The fact sheets show:

  • how claiming expenses change depending on business structure
  • how to apportion between business and private use
  • the importance of accurate record keeping
  • options for STP reporting.

You can also use the ATO's other Tax Time Toolkits to help your clients lodge correctly. As always the ICB team is here to assist at this busy time. Email or call support if you require assistance.

  • 26th August, 2019