BUSINESS TAX

Yes, if your vehicle is over a certain weight (like your 5-tonne truck), you might be eligible for fuel tax credits. You can claim these through your regular BAS lodgments. The amount you can claim varies depending on how your vehicle is used and the type of fuel.

If your business turnover is under $50 million, you have access to various small business concessions. These include:

• Immediate write-offs for assets
• Specific tax deductions
• Cash flow advantages through GST concessions
• Possible access to Capital Gains Tax concessions if certain conditions are met

For example, businesses earning less than $50 million can claim immediate deductions for prepaid expenses like rent, insurance, and subscriptions.

Yes, if you meet eligibility conditions, personal super contributions are tax-deductible up to your annual concessional contribution cap ($27,500 for 2024, increasing to $30,000 in 2025). If your total super balance is under $500,000, you can carry forward unused contributions from previous years (since 2019) for up to 5 years. Remember, you must notify your super fund and receive confirmation before claiming the deduction.

If your business turnover is under $50 million, you can claim eligible prepaid expenses (like rent, insurance, or subscriptions) in the financial year you paid them, even if they partly cover the next financial year. As long as the prepaid period is 12 months or less and ends by the next financial year, you can claim the full amount now.

If you’re working from home, you can claim home office expenses at a rate of 67 cents per hour, covering costs like electricity, internet, phone, stationery, and computer supplies. Keep track of your work-from-home hours.

You can also claim additional expenses such as depreciation on office furniture, equipment, repairs, and cleaning if you have a dedicated workspace.

If your home is your primary place of business—clearly identifiable with a separate entrance, signage, or client visits—you might be able to claim broader costs including mortgage interest, rent, insurance, council rates, maintenance, and more.