Tax guide: Claiming Business Expenses

As a sole trader, you can claim deductions on expenses directly related to running your business. These deductions reduce your taxable income, which means you pay less tax. Understanding what counts as a business expense is crucial for maximising your deductions.

Business expenses are costs incurred in the ordinary course of running your business. These can include office supplies, travel expenses, and marketing costs. For a comprehensive list of deductible expenses, visit the ATO’s guide on deductions you can claim.

Tracking expenses accurately is crucial for maximising your deductions and minimizing your tax bill. Sole makes this easy by allowing you to record and categorize your expenses, attach receipts, and generate reports. This helps ensure you don’t miss any deductions and keeps your financial records in order.