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When you run a business, your bookkeeping can be one of the most stressful aspects as you attempt to get everything filed adequately before deadline day. Accounts payable, deductions and profit & loss are all terms you must master to remain compliant. The trouble is that not everyone finds the process simple - meaning it's easy to get wrong.

What Is The Deadline For Tax Return 2022 Australia? 

As any good accounting course  will tell you, businesses and self-employed Australians need to get their tax returns filed by the 31st of October each year. Failure to do so can result in fines and other penalties, although your circumstances are taken into consideration. If it's an isolated instance, the chances are you won't get a penalty, but the more frequent it becomes, the more likely it becomes.

What Expenses Can I Claim For My Own Business? 

So, with this in mind, we've put together this blog that contains information about one of the most important aspects of your tax return - your expenses! Also known as deductions, these work-related costs can offset the amount of tax you owe at the end of a trading year. The higher your valid expenses are, the less you pay in tax - that's the basic principle.

All online learning in accounting will cover expenses to some point, as well as detail the many modern software platforms that exist to make your bookkeeping easier. For example, the following platforms are amongst the most widely used by Australian businesses:

Able to save you precious time that you can dedicate to other areas of your business, these platforms are relatively cost-effective and take a lot of the guesswork out of the process. However, you still need a basic grasp of what you're doing.

So, What Can You Claim Back?

So, what can you claim back? There are rules that govern this stuff, but they can be quite confusing from time to time. So long as you've paid for the following expenses (and haven't been reimbursed), and you have the paperwork to back it up, you can legally claim them back:

  • Expense #1 - Travel & Vehicle Expenses - As short courses online in bookkeeping show, you can't typically claim for what it costs you to get to and from work, you can claim the money back if you use your vehicle as part of your daily job, e.g., if you're a tradesperson that needs to be mobile to work. 
  • Expense #2 - Uniform - You can claim the cost back if you wear distinctive work clothing that's clearly for work or another uniform, such as safety vests or a chef's outfit. You can also claim back the costs incurred when laundering or dry cleaning your uniform. 
  • Expense #3 - Home Office Hardware - In order to create a home office, you need certain hardware to allow you to work remotely. So, you can claim for the cost of your computer, phone, and any other device you use solely for work. You can even claim back a percentage of your internet access costs based on how much you use it for work.
  • Expense #4 - Education Costs - All industries evolve over time, which can require you to retrain to gain the knowledge you need to stay competitive. Should you take the best online courses for your professional sector, or you need to buy stationery or travel to a place of learning, it's another cost that you can claim back and knock down your owed tax.
  • Expense #5 - The Tools of Your Trade - Last on our list are the tools of your trade. Depending on whether they cost less than $300 or not, you may be able to deduct them from your yearly earnings. If a tool you use is part of a set, then it's the cost of the entire set that's used for accounting purposes.  

These are just five of the main groups of expenses, and they don't always apply to everyone. As such, you should be sure to check on the government's website for full details of how your tax returns work. 

OCA - Providing the Best Online Education Australia Offers

Tax can be confusing at the best of times. Still, thanks to video-based CPD-Endorsed short courses online like our Xero Accounting, it has never been easier to take control of your tax returns. Offer a stimulating learning experience that transcends any traditional text-based course you may have encountered before, and it's the most digestible way to take on tricky subjects like these.

Ours is a next-level offering, as you can see by watching our Student Study Demo and everyone gets 1-to-1 mentoring from an expert in their field, so you'll never feel unsupported. Created in collaboration with top industry experts who know what's required, you can be sure that the knowledge you gain will prove extremely useful for you and your business.

To find out more about anything else, visit us today at where you'll also see details of our flexible payment plans that make our cheap courses even more affordable! Alternatively, to speak to us, call 1300 611 404 or email us at [email protected]

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