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Re: Sole Trader- Deductions Claim

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Newbie

Views 1156

Replies 2

Hello,

 

I have started my business recently as a sole trader, my current work  is basically on the Computer as i am an IT Services Provider, So my Questions are as below:

1. can i deduct depreciation cost for my Laptop , i bought it before starting my business

2. i am working from home and i am heavily using Internet can i claim the internet bill ... it is registered with my husband account shall i change the registration to be able to do the claim or it can be done with my husband name as a side note we have a shared bank account

3. can i claim part of my house rent and electricity.

4. if i bought a desk and chair , printer as i need it to test Printable documents layout , will i be able to claim these?

 

Thanks Smiley Happy

1 ACCEPTED SOLUTION

Accepted Solutions
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Best answer

ATO Certified

Community Manager

Replies 1

Hi @MiraGhaly

 

Check out https://www.ato.gov.au/General/property/property-used-in-running-a-business/running-your-business-fr... as a starting point. There's a short video on this page as well which might help.

 

Generally, you can claim a deduction for most expenses you incur in running your business as long as they are directly related to earning your assessable income

 

Also as sole trader you report your business income and expenses in your individual income tax return and pay the same individual tax rate as individuals. 

 

Feel free to post more questions if you have any - and welcome to the community.

 

Regards

PaulM

 

ATO Community
2 REPLIES 2
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Best answer

ATO Certified

Community Manager

Replies 1

Hi @MiraGhaly

 

Check out https://www.ato.gov.au/General/property/property-used-in-running-a-business/running-your-business-fr... as a starting point. There's a short video on this page as well which might help.

 

Generally, you can claim a deduction for most expenses you incur in running your business as long as they are directly related to earning your assessable income

 

Also as sole trader you report your business income and expenses in your individual income tax return and pay the same individual tax rate as individuals. 

 

Feel free to post more questions if you have any - and welcome to the community.

 

Regards

PaulM

 

ATO Community
Highlighted

Devotee Registered Tax Practitioner

Replies 0

@MiraGhaly @PaulATO

 

Mira,

 

Good Luck with your business.

 

Proper Record Keeping is essential for any business proprietor.

It is best to develop the Record Keeping procedures from the start.

 

You may like to look at the Income Tax Concessions for Small Business including the $20,000 threshold.

A registered Tax Agent would also be able to assist.

 

I would suggest a computerised online accounting package.

 

Duncan