Understanding the nuances of tax deductions can be a key factor for effective financial management. As a small business owner, itβs important for you to be aware of all the deductions youβre entitled to, as these could make a difference to your bottom line come the end of the financial year (EOFY).
In this article, weβll provide you with an overview of these deductions, helping you differentiate between allowable and capital expenses based on information shared by the Australian Taxation Office (ATO).