WHAT BUSINESS EXPENSES ARE TAX-DEDUCTIBLE?

What business expenses can you deduct in your income tax return? It depends on your business structure, but includes things such as:

• ACC levies
• accounting fees
• bank charges
• contractor costs
• depreciation (wear and tear)
• entertainment (be careful!)
• home office expenses
• lease or rental costs
• legal fees
• motor vehicle expenses e.g. WOF, registration, repairs, insurance, FBT
• purchases (for business purposes e.g. stock, materials)
• travel e.g. fuel, parking, business travel
• stationery, printing and office costs
• software e.g. Xero, MYOB
• telephone and internet

This is not an exhaustive list, but you get the idea.  It’s good to check out the resources here and if you are not sure if something can be claimed, or what percentage can be claimed, ask your accountant or contact us.  If you are looking for a list of expenses related to rental property, please see this page.