As the end of financial year approaches, many business owners are taking a closer look at their expenses to better understand what can be claimed at tax time. The Australian Taxation Office (ATO) provides a range of deductions and incentives that eligible businesses may be able to access—some well-known, others often overlooked.

1. Business-Related Subscriptions

Running a business often means staying across industry news, insights, and digital tools. Subscriptions to trade journals, business software, or even online platforms used for marketing or productivity can typically be claimed if they’re directly related to gaining or producing accessible income.

2. Digital Marketing & Web Costs

If you’ve paid for a website upgrade, SEO help, Google Ads, or social media management, these are often deductible business expenses where they are directly related to earning your business income. That includes website domain renewals and hosting—something many businesses overlook because the charges are often small and annual.

3. Professional Development & Training

Courses, workshops, or seminars that help you or your team improve job-related skills can be eligible for deduction. That includes anything from compliance training to leadership courses—provided the training is relevant to the current role and delivered by a registered provider.

4. Prepaid Expenses

Have a lease, insurance policy, or software subscription that spans 12 months or less? Prepaying before 30 June could make the expense immediately deductible in this financial year, under the ATO’s 12-month rule if the expense relates to a service that will be provided within a 12-month period. It's a way to smooth costs while potentially bringing forward deductions.

5. Tools, Equipment & Asset Purchases

Need to upgrade your laptop, buy a new van, or replace essential tools? The $20,000 instant asset write-off is available to eligible small businesses until 30 June 2025. As long as each asset costs under $20,000 and is used or installed ready for use before EOFY, the full amount may be written off immediately—rather than depreciated over several years.

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6. Interest & Bank Fees

Many businesses miss this one: interest on business loans or overdrafts, and account-keeping fees from business bank accounts, may be deductible. Even merchant fees from platforms like Stripe or Square may count—if they relate directly to your business income.

7. Repairs & Maintenance

Fixing equipment or performing essential maintenance on your premises? These types of costs are generally deductible in the year they’re incurred. Just note that if the expense involves upgrading or significantly improving an asset (rather than repairing it), it may need to be claimed differently.

Final Word

EOFY isn’t just a compliance deadline—it’s an opportunity to get clear on your numbers, spot the deductions you’re entitled to, and put your business in the best position for the year ahead.

Need more details? You can always refer to the ATO’s official guidance, which outlines what you can (and can’t) claim.

Please note: This article is for general information purposes only and is not meant to be tax advice. If you need assistance with your taxes, seek help from a finance professional. The information in this article was contributed in part by Lowe Lippmann Chartered Accountants.

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