What to Deduct as a Small Business Owner in 2017/18 Tax Return

It’s that time of the year again, but don’t groan just yet. This is your chance to deduct all those niggly expenses that build up over the year.

Not sure what they include? Here is a list of the most important bits and pieces you can declare as a restaurant owner for your small business for your tax return in 2018.

FYI: These tax concession rules are effective July 1, 2018.

Business Vehicle Expenses

You can claim your car expenses, if you use your vehicle for work. This doesn’t count for business travel to and from your office, but in cases where you need to drive to different locations – for instance, to pick up or drop off supplies. How you claim depends on your business (whether you’re a company, partnership or trust) and the kind of car you have and what it is used for.

Working From Home

If you run your business from home, or parts of it, there’s a lot of expenses you can deduct. You can claim occupancy expenses such as mortgage interest, as well as other household costs like electricity, heating and internet connection. Home office supplies including computers can also be deducted. But remember, you can only claim the proportion that is related to work.

Restaurant Operating Expenses

Don’t underestimate the cost of pens (especially as they seem to get misplaced so often)! As a restaurant owner with a small business, you can claim any expenses relating to the everyday running of your business. That includes advertising, marketing, bank fees, the cost of your website, legal expenses and even parking (not parking fines).

Instant Write Offs

Interestingly under the $20,000 instant tax write off, you can claim a whole sweep of goodies if you can justify why your business needs them. Need to chairs and tables, this may be your solution!

Restaurant Repairs and Maintenance

At some point in the last financial year, it’s likely you’ve called a repairman. Maybe the restaurant needed a paint job or perhaps you got around to finally fixing the dodgy light. Whatever the case, as long as it was related to your restaurant, these are expenses that can be claimed in this year’s tax return.

Business Travel

Took a business trip? Or did one of your employees? Good news! You can also claim the cost of flight, transportation tickets, and business meals. Remember though, if you spend more than one night away for business, it’s likely you will need to keep a travel diary to record your expenses.

You don't have travel meals, but travelers are coming to dine at your restaurant? Liven brings business meals to your restaurant. It is a digital lifestyle wallet that customers use to find amazing restaurants, dine-in, and pay for the meal instantly via the app. Business travelers love it because they get their receipt automatically by email so they have record of the purchase for their internal expense report.