When you're reviewing and sorting your transactions, we give you a list of categories to choose from. To help you select the right one, here's a quick run-down on the available categories:
Advertising and website- Cost of promoting and selling your products or services
Bank charges- Bank charges related to business spending, including overdraft fees.
Business Income- Money you make from your self-employed work.
Credit Card payment- Principal portions of payments you make towards a credit card balance. (Principal isn't deductible; interest is.)
Home Office expenses- cost of space in your home used for your self-employed work.
Interest expenses in AUS- Interest you pay on money borrowed for self-employed work.
Interest expenses overseas- Interest you pay on money borrowed overseas for self-employed work.
Lease expenses- Cost of financial and operating leases for assets like motor vehicles.
Legal and professional fees- Accountant and legal fees you pay for self-employed work including tax prep.
Meals and entertainment- Meals and entertainment costs for clients related to your self-employed work. Or personal, non-local meals while travelling.
Motor vehicle expenses- Expenses of running a motor vehicle for self-employed work.
Office supplies/equipment- Expenses for postage, stationary, printing, and small office equipment.
Online listing fees- Fees you pay to list items on online market places.
Other business expenses- Cost of goods or services that are reasonable for the self-employed work you do, but don't fit in other business categories.
Owner deposit- A deposit transaction from one account to another.
Owner Withdrawal- A withdrawal transaction moving money from one account to another.
Phone and internet- Payment for phone and internet used for your self-employed work.
Postage, freight and delivery- Cost of delivery, freight, and postage you pay in the year of your self-employed work.
Rent expenses- Cost of renting land and buildings used in generating your self-employed income.
Repairs and maintenance- Cost of repair and upkeep of property or equipment.
Subcontractor expenses- Expenses you pay for contractors, subcontractors and commissions.
Superannuation expenses- Superannuation contributors on behalf of eligible employees and their dependents.
Transfer- A transfer from one account to another.
Travel expenses- Travel expenses you pay to earn business and professional income, including public transportation fares, hotel accommodations and meals.
You might not get the right tax deduction for uncategorised expenses. Try to categorise as much as you can!
For more information, go to Getting Started for Self-Employed.
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