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Minimizing Tax

In order to pay the least amount of tax possible, it is necessary to claim all the deductions you are entitled to in accordance with the law. Tax minimisation is legal, why should you pay any more tax than you have to.

Tax avoidance on the other hand is illegal and we do not condone activities aimed at avoiding your obligations to the tax office in any way. Why would you need to avoid paying tax, when with some planning and forethought there are ways to reduce the amount of tax you pay legally!

Here are a few tax deductions which you may be entitled to claim depending on your circumstances. Remember, an expense must be directly related to earning assessable income to be deductible. We can discuss your situation with you to determine your maximum allowable tax deduction, so please give us a call on 1800 111 455.

  • Accident Insurance
  • Accounting and auditing expenses
  • Alcohol - as gifts to staff, business associates or customers
  • Bad debts
  • Bank fees
  • Batteries
  • Birthday presents - under $100 to employees
  • Borrowing expenses - deductible over 5 years
  • Briefcase
  • Burglary losses not covered by insurance
  • Calculators
  • Christmas presents to staff, business associates, or customers under $100
  • Commissions
  • Crockery & cutlery
  • Donations
  • Dry cleaning of approved uniforms or protective clothing
  • Easter eggs for reception area or for employees
  • Electronic diary
  • First aid kit and courses
  • Flowers - in reception area or business waiting room, or gifts to employees or business associates
  • Food - provided at meetings, training seminars, in staff tea room
  • Furniture for office (depending on cost of item, may be depreciated)
  • Gardening for rental property or office
  • Gifts/prizes in promotions
  • Gifts to customers under $100
  • Greeting cards - as marketing tools used within business
  • Guard dog expenses
  • Home office expenses
  • Insurance
  • Interest on loans
  • Inventory loss due to damage
  • Laundry costs - cleaning and maintenance of work clothing
  • Leases on property and plant
  • Library - books which are work or investment related, as gifts to employees.
  • Magazines & newspapers - professional/industry specific or for use in office reception
  • Motor vehicle running expenses
  • Office equipment
  • Overtime meal allowances
  • Photography - photos used to promote business or of work performed
  • Pictures/prints - for display in office area
  • Prizes and promotions
  • Professional development courses - to improve skills related to
  • business/employment
  • Professional society subscriptions
  • Protective clothing including sunglasses, steel capped boots, colored safety vests etc
  • Rental property expenses
  • Repairs to business property
  • Research and development
  • Replacements
  • Security
  • Seminars
  • Software
  • Staff expenses
  • Stationery
  • Storage - for business items
  • Share trading losses
  • Street directory
  • Sun protection
  • Tax advice
  • Toys - used in reception area of business
  • Travel
  • Uniforms - including cleaning and maintenance
  • Veterinary expenses
  • Wages
  • Water filtration units

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Finance Made Easy Pty Ltd is a corporate authorised representative of Custom Wealth Solutions Dealer Services Pty Ltd (AFSL 301642) PO Box 812, Hamilton Central QLD 4007
Anthony Bice is an Authorised Representative of Custom Wealth Solutions Dealer Services Pty Ltd (AFSL 301642) PO Box 812, Hamilton Central QLD 4007