{"id":293249,"date":"2025-06-14T18:12:47","date_gmt":"2025-06-14T18:12:47","guid":{"rendered":"https:\/\/peraltafinancing.com\/accounting\/sole-trader-tax-deductible-expenses-how-to-pay-less-tax-as-sole-traders\/"},"modified":"2025-06-14T18:12:47","modified_gmt":"2025-06-14T18:12:47","slug":"sole-trader-tax-deductible-expenses-how-to-pay-less-tax-as-sole-traders","status":"publish","type":"post","link":"https:\/\/fivemor.com\/?p=293249","title":{"rendered":"Sole trader tax deductible expenses: How to pay less tax as sole traders"},"content":{"rendered":"<p> <br \/>\n<\/p>\n<div>\n<p>If you haven\u2019t spoken to your accountant or bookkeeper about EOFY matters yet, <a rel=\"noreferrer noopener\" href=\"https:\/\/www.myob.com\/au\/blog\/top-questions-accountants-eofy\/\" target=\"_blank\">it might be a good idea to give them a call now.<\/a><\/p>\n<p>After all, you\u2019ve done the thinking and the work, and are probably desperate to keep a little more of that hard-earned profit.<\/p>\n<p>However, being self-employed, you must first understand the nature of your expenses.<\/p>\n<h2>What deductions can I claim as a sole trader?<\/h2>\n<p>You can claim expenses that are directly related to earning your taxable income. Private and personal expenses, such as after-school care or home loan interest payments, cannot be claimed.<\/p>\n<p>The expenses you can claim \u2014 and when you claim them \u2014 depends on the type of asset purchased or service engaged.<\/p>\n<p>Operating expenses for a sole trader can usually be claimed in the year they occur, while capital expenses must be claimed over time.<\/p>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" src=\"https:\/\/pulse-uploads.myob.com\/uploads\/2024\/07\/Woman_artist_mobile_1400x500px-1024x366.jpg\" alt=\"Sole trader\" class=\"wp-image-48080\" srcset=\"https:\/\/pulse-uploads.myob.com\/uploads\/2024\/07\/Woman_artist_mobile_1400x500px-1024x366.jpg 1024w, https:\/\/pulse-uploads.myob.com\/uploads\/2024\/07\/Woman_artist_mobile_1400x500px-300x107.jpg 300w, https:\/\/pulse-uploads.myob.com\/uploads\/2024\/07\/Woman_artist_mobile_1400x500px-768x274.jpg 768w, https:\/\/pulse-uploads.myob.com\/uploads\/2024\/07\/Woman_artist_mobile_1400x500px.jpg 1400w\" sizes=\"(max-width: 1024px) 100vw, 1024px\"\/><\/figure>\n<h2>Business vs personal expenses<\/h2>\n<h4>Expenses that are usually not deductible<\/h4>\n<ul>\n<li>Entertainment expenses<\/li>\n<li>Traffic fines<\/li>\n<li>Private or domestic expenses, such as childcare fees or clothes for your family<\/li>\n<li>Expenses relating to earning income that is not assessable, such as money you earn from a hobby<\/li>\n<li>The GST component of a purchase if you can claim it as a GST credit on your business activity statement<\/li>\n<\/ul>\n<h4>Expenses that may be deductible<\/h4>\n<ul>\n<li>Wages<\/li>\n<li>Office stationery<\/li>\n<li>Computer or laptop that is used for business<\/li>\n<li>Machinery and equipment<\/li>\n<li>Motor vehicle expenses<\/li>\n<li>Advertising<\/li>\n<li>Business travel<\/li>\n<li>Bills, like insurance and phone<\/li>\n<\/ul>\n<h2>How can a sole trader pay less tax?<\/h2>\n<h3>1. Claim operating expenses when you incur them<\/h3>\n<p>Operating expenses are also called revenue expenses because they help generate income, and they can be claimed in the financial year you incur them. Examples of claims that can be made in the year they are incurred include:<\/p>\n<ul>\n<li>Salaries, wages,\u00a0<a href=\"https:\/\/www.myob.com\/au\/resources\/guides\/workforce-management\/what-is-overtime\" target=\"_blank\" rel=\"noreferrer noopener\">overtime<\/a>\u00a0payments, allowances and bonuses<\/li>\n<li>Advertising and promotional expenses<\/li>\n<li>Electricity, phones, gas and stationery<\/li>\n<li>Business travel costs<\/li>\n<li>Asset maintenance and repair costs<\/li>\n<li>Parking fees (but not fines)<\/li>\n<\/ul>\n<h3>2. Prepay some expenses this year to reduce taxes<\/h3>\n<p>Pay in advance and bring the deduction forward to this year. If you have a\u00a0healthy cashflow, you can prepay your:<\/p>\n<ul>\n<li><a href=\"https:\/\/www.myob.com\/au\/resources\/guides\/funding-and-finance\/how-to-get-a-business-loan\" target=\"_blank\" rel=\"noreferrer noopener\">Business loans<\/a>\u00a0(prepay on fixed rates 12 months in advance)<\/li>\n<li>Office and equipment lease payments<\/li>\n<li>Business insurance<\/li>\n<li>Business related subscriptions<\/li>\n<li>Business travel, seminars and conference bookings<\/li>\n<li>Telephone and IT services<\/li>\n<\/ul>\n<p>Tip: Two birds with one stone \u2014\u00a0See if you can combine the benefit of bringing forward the tax deduction and getting a discount for paying your supplier in advance.<\/p>\n<p>For every small business looking for a tax deduction, there will most likely be a service provider or salesperson looking to boost their sales results before June 30.<\/p>\n<h3>3. Consider capital expenses (asset purchases)<\/h3>\n<p>It\u2019s important to mention that\u00a0a small business that purchases an asset costing less than $6500 can still claim 100 percent\u00a0of the cost in the actual year the expense is incurred.<\/p>\n<p>Even if you have not paid for the item yet, sole traders can still claim as long as you are invoiced before 30 June.<\/p>\n<p>Larger capital acquisitions that have an expected life longer than one year, such as IT servers, vehicles and expensive plant and equipment, must be claimed over a number of years.<\/p>\n<p>These items are claimed via accelerated\u00a0<a href=\"https:\/\/www.myob.com\/au\/resources\/guides\/accounting\/depreciation\" target=\"_blank\" rel=\"noreferrer noopener\">depreciation<\/a>\u00a0of the capital value, with 15 percent\u00a0claimed in the first year (even if purchased in the last month of the year) and 30 percent\u00a0each year thereafter.<\/p>\n<p>Examples of capital expense assets that must be depreciated over time include:<\/p>\n<ul>\n<li>Motor vehicles<\/li>\n<li>Computers, servers, printers and copiers<\/li>\n<li>Office and warehouse fixtures and fittings<\/li>\n<li>Plant and equipment<\/li>\n<\/ul>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" src=\"https:\/\/pulse-uploads.myob.com\/uploads\/2024\/07\/Florist_1400x500px-1024x366.png\" alt=\"Sole trader\" class=\"wp-image-48074\" srcset=\"https:\/\/pulse-uploads.myob.com\/uploads\/2024\/07\/Florist_1400x500px-1024x366.png 1024w, https:\/\/pulse-uploads.myob.com\/uploads\/2024\/07\/Florist_1400x500px-300x107.png 300w, https:\/\/pulse-uploads.myob.com\/uploads\/2024\/07\/Florist_1400x500px-768x274.png 768w, https:\/\/pulse-uploads.myob.com\/uploads\/2024\/07\/Florist_1400x500px.png 1400w\" sizes=\"(max-width: 1024px) 100vw, 1024px\"\/><\/figure>\n<h3>4.\u00a0Claim the instant asset write-off<\/h3>\n<p>Sole traders\u00a0are eligible to claim the instant asset writeoff, which allows small businesses to claim immediate deductions for new or second-hand plant and equipment asset purchases like cars, office equipment and tools.\u00a0<\/p>\n<p>Before making any big purchases, check the\u00a0instant asset write-off\u00a0eligibility criteria and threshold, because these can change. Check your business\u2019s eligibility and apply the correct threshold amount depending on when the asset was purchased, first used or installed ready for use.<\/p>\n<p>Check the ATO website for the latest information on\u00a0<a href=\"https:\/\/www.ato.gov.au\/Business\/Depreciation-and-capital-expenses-and-allowances\/Simpler-depreciation-for-small-business\/Instant-asset-write-off\/#Thresholds\" target=\"_blank\" rel=\"noreferrer noopener\">thresholds<\/a>.<\/p>\n<h3>5. Bite the bullet and write off any bad debts<\/h3>\n<p>A bad debt is a taxable sale you made that has been unpaid for 12 months or more, with no chance of it being recovered.<\/p>\n<p>You\u00a0must keep written notes that the debt has been written off and why. Discuss this with your accountant, as\u00a0there may be GST consequences.<\/p>\n<h3>6. Use concessional contributions to superannuation<\/h3>\n<p>Make sure to use your own superannuation allowance of up to $25,000 for those under 60, and $35,000 for those over 60.<\/p>\n<p>Remember that if your spouse works in the business even part-time then you can still contribute up to their limit, but make sure to allow for any employer contributions from other jobs.<\/p>\n<p>If you have employees,\u00a0<a href=\"https:\/\/www.myob.com\/au\/resources\/guides\/employees\/pay-employees\" target=\"_blank\" rel=\"noreferrer noopener\">pay their employee<\/a>\u00a0superannuation guarantee contributions\u00a0before 25\u00a0June to ensure it gets to their superannuation fund account on time, as it must hit their account for the payment to be tax deductible this year.<\/p>\n<h3>7. Do a stocktake<\/h3>\n<p>It might be time to call in the kids, parents and friends to help you identify\u00a0damaged\u00a0and\/or obsolete\u00a0stock\u00a0items that can be written down in value or written off completely.<\/p>\n<p>This\u00a0reduces the value of your trading stock and, as a result, lowers your taxable business profit.<\/p>\n<h3>8. Be sensible<\/h3>\n<p>As a sole trader, your focus should be on managing your tax and not looking at measures that will put your business under cash flow pressures in the coming years, just to achieve a short-term tax advantage.<\/p>\n<p>Buying unnecessary assets, upgrading cars or paying higher super contributions are pointless if it means your business will face cash flow issues.<\/p>\n<p>As you enter a new financial year, consider seeking advice from your accountant on whether you should be\u00a0moving to a corporate structure\u00a0going forward.<\/p>\n<h2>There\u2019s an app for that<\/h2>\n<p>You\u2019re not just a sole trader or freelancer, you\u2019re the finance department, marketing head, coffee runner and admin ninja. If finance isn\u2019t your forte, hand over the reins and let tech play CFO.<\/p>\n<p><a rel=\"noreferrer noopener\" href=\"https:\/\/www.myob.com\/au\/products\/solo?srsltid=AfmBOoqX2zNKf9OVbL92qhQ0wNIvIHJhd0BxT-KZQfFbk6Y9zgtdeA8X\" target=\"_blank\">Solo by MYOB<\/a>\u00a0can help you automate GST, track expenses, and prep your business for tax time. You can even download reports from Solo to share with your accountant or bookkeeper. Translation: less stress, more doing the work you love.<\/p>\n<hr class=\"wp-block-separator\"\/>\n<p style=\"font-size:10px\"><em>Information provided in this article is of a general nature and does not consider your personal situation. It does not constitute legal, financial, or other professional advice and should not be relied upon as a statement of law, policy or advice. You should consider whether this information is appropriate to your needs and, if necessary, seek independent advice.\u00a0This information is only accurate at the time of publication. Although every effort has been made to verify the accuracy of the information contained on this webpage, MYOB disclaims, to the extent permitted by law, all liability for the information contained on this webpage or any loss or damage suffered by any person directly or indirectly through relying on this information.<\/em><\/p>\n<\/p><\/div>\n\n","protected":false},"excerpt":{"rendered":"<p>If you haven\u2019t spoken to your accountant or bookkeeper about EOFY matters yet, it might be a good idea to give them a call now. After all, you\u2019ve done the thinking and the work, and are probably desperate to keep a little more of that hard-earned profit. However, being self-employed, you must first understand the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":293250,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11759],"tags":[18417,11084,11007,1339,7356,11048,24140],"dealstore":[],"offerexpiration":[],"class_list":["post-293249","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-accounting","tag-deductible","tag-expenses","tag-pay","tag-sole","tag-tax","tag-trader","tag-traders"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Sole trader tax deductible expenses: How to pay less tax as sole traders - Som2ny Network<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fivemor.com\/?p=293249\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Sole trader tax deductible expenses: How to pay less tax as sole traders - Som2ny Network\" \/>\n<meta property=\"og:description\" content=\"If you haven\u2019t spoken to your accountant or bookkeeper about EOFY matters yet, it might be a good idea to give them a call now. 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