With a little help from the ATO, we’ve put together some basic tips to help you feel like a sunrise when it comes to your business tax return.

To work out what business expenses you can claim, apply these three golden rules:

The money must have been spent for your business – not a private expense.

If it’s a mix of business and private use, only claim the portion related to your business.

You must have a record to prove your expense.

Often expenses can be a mix of business and private use. Some common expenses that can be both business and private include:

motor vehicle expenses; for example if you use your car for your family and business

travel expenses; for example if you combine a holiday with a business trip

home-based business expenses such as rent or mortgage interest, if your home is also your place of business.

Keep good records to show how you’ve worked out the business use of an expense. For example, you can:

use a vehicle logbook

keep a travel diary

keep a floor plan to show the percentage of your home’s floor space that you use as your place of business.

Get your free deductions checklist via www.oceansaccounting.com.au/business-tax-returns

*All registered tax agent services are provided by Mode Bookkeeping Pty Ltd (registered agent number 25221498).