Small Business Start Up Finances Guide
Step 7 – Get Clear as to What Constitutes an Eligible Business Expense
The Tax Office lists the following expenses as being able to be claimed in the year in which you incurred them:
You will notice that this list include items like home office, phone, internet and some motor vehicle expenses to the extent of their business use.
To the extent of their business use, you should meet this expense out of your business bank account by either:
- paying for it direct from your business account; OR
- reimbursing yourself to the extent of your business use
Due to its significance, we have created an entire separate step on motor vehicle expenses