Business expenses represent the standard outgoing costs associated with running your business. These are the payments you make to suppliers and other organisations in order to conduct your business and trade with your customers. Importantly, in Australia, you can claim most business expenses as tax deductions to reduce your taxable income at the end of the tax year. As per Australian Tax Office guidance, you can claim business expenses in your tax return as long as:
Importantly, using Sole, you can easily record and manage your business expenses throughout the year by adding them to your account manually, or by matching outgoing expenses from your bank feed. You also have the ability to take a photo and retain evidence of any tax receipts to help you substantiate your end of year claims.