This episode follows on from our previous one, where I explained what exactly write-offs are. Today, I give you a quick recap and then dive straight into which write-offs, AKA expenses, many business owners miss claiming.
With the surge in remote working and recent changes with the ATO, home office expenses have become the talk of the town. But surprisingly, not everyone is aware that they can claim these. I talk about the costs associated with running your home office that you could potentially claim as write-offs, including:
- Electricity and gas
However, it’s crucial to note that you might not be able to claim the entire cost of some of these expenses. And when it comes to the nitty-gritty of claiming, it’s best to consult a tax agent.
Many business owners either overlook or are unaware of the insurances they can claim. Not having any insurance can be disastrous, and the reasons for missed claims often stem from insurance payments not originating from business bank accounts. If you haven’t reviewed your insurance transactions lately, now might be a good time.
I talk about another type of commonly missed expense: merchant fees. These fees from payment providers like Shopify, Stripe, and PayPal are frequently overlooked, especially if you’re manually tracking expenses.
For creatives and e-commerce businesses, platform fees, art supplies, and even product samples are potential write-offs. Keeping a diligent record of what you spend can ensure you don’t miss out on these claims.
Your business expenses matter, and so does understanding and claiming them correctly. It’s not just about saving money; it’s about growing and managing your business the right way.
When in doubt, always consult with professionals who will help you stay informed and give you your best chance at success.
So, tune in today and make sure you’re not missing out on any opportunities that could save you money. Happy claiming!
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