Business Expense’s: Maximise Tax Savings With Claimable Expenses
Starting a new business is exciting—but it also comes with a whole lot of unexpected costs. From setting up systems to buying gear, paying for advice, or getting your branding sorted—it all adds up fast.
The good news? Some of those costs can be claimed at tax time. But not everything counts, and knowing the difference can save you from missing out or getting caught out.
At Ako, we’re here to help you figure out exactly what’s tax-deductible—so you can make smart, informed choices and keep more money in your pocket.
Understanding your claimable expenses early on helps you:
Stay compliant
Keep your books tidy
Maximise your tax savings
And if you’re ever unsure, it’s always okay to ask. We’re here to take the guesswork out and give you confidence as you build your business.
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Rent: Costs associated with leasing office or retail space.
Utilities: Electricity, water, gas, and internet expenses related to your business operations.
Supplies: Office supplies, materials, and inventory necessary for your business.
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Wages and Salaries: Payments made to employees, including overtime and bonuses.
Benefits: Health insurance, retirement contributions, and other benefits provided to employees.
Training: Costs incurred for employee training and development that enhance skills relevant to their roles.
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Legal and Accounting Fees: Costs for services provided by lawyers and accountants.
Consulting Fees: Payments made for professional consulting services to improve business strategy or operations.
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Promotional Materials: Costs for flyers, brochures, and any advertising expenses.
Online Advertising: Expenses related to pay-per-click campaigns, social media ads, and website marketing.
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Capital Assets: Deduct a portion of the purchase price of business assets over time, such as machinery, vehicles, and furniture.
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Business Travel: Costs for transportation (airfare, mileage), lodging, and meals incurred while traveling for business purposes.Item description
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Loan Interest: Interest paid on business loans.
Bank Fees: Charges related to business bank accounts.
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Business Insurance: Costs for policies protecting your business from various risks, including liability and property insurance.
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If you operate from home, a percentage of your home expenses (like utilities and internet) may be deductible based on the space used for business.
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Donations made to qualifying charities can often be deducted from your taxable income, subject to certain limitations.
Understanding what expenses are tax-deductible can lead to significant savings and more effective cash flow management.
By dedicating some time to familiarise yourself with these tools, you can maintain accurate financial records, ensuring a clear picture of your financial health without the need for professional bookkeeping services.
At Ako Cash Flow, we’re not just bookkeepers—we’re your financial empowerment partners. Our mission is to give you the confidence and skills to manage your own books with ease. With our tailored tools and expert guidance, you’ll learn how to track income and expenses, master cash flow, and make smart financial decisions that support your goals. We believe that financial independence is key to long-term success. That’s why our approach focuses on education and support, enabling you to take control of your personal or business finances and build a stronger financial future. Let's empower your journey together!
Cash Flow Forecast Worksheet: Take Control of Your Finances
Our Cash Flow Forecast Package is designed to empower small businesses with the tools to predict and manage their cash flow effectively.
This all-in-one package includes customisable templates to track income, expenses, and projected cash balances over time, helping you stay ahead of financial challenges.
With clear insights into your inflows and outflows, you can make proactive decisions, plan for future growth, and avoid cash shortages.
Perfect for startups, freelancers, and small businesses, this package provides a comprehensive solution for achieving financial stability and peace of mind.
