Claiming Business Expenses

Claiming Business Expenses

You can claim tax deductions for expenses you incur while running your business if they’re directly related to earning business income (also known as assessable income). Take Jane, for example. Jane is a sole trader who works as an IT consultant. As part of her...
Is Xero good for small business owners?

Is Xero good for small business owners?

Xero Accounting Software can be a good choice for many small business owners, but whether it’s the right fit for you depends on your specific needs and circumstances. Here are some factors to consider when evaluating if Xero is a suitable accounting software for...
Changes to deductions for the 2022-2023 income tax year

Changes to deductions for the 2022-2023 income tax year

Cents per km method If you’re claiming for car expenses the cents per kilometre method has increased from 72 to 78 cents per km. If you use this calculation method, the cents per kilometre rate of 78c covers all your vehicle running expenses including servicing, fuel,...