Deductions - Introduction

 

The question is often asked by those commencing a new business - what costs are we able to deduct for taxation purposes?  In a number of those cases, the new business operator seems more concerned about what costs will be deductible than they are about creating a sound and profitable revenue stream from the business activity!  Yes, it is important to be aware of costs that might be deductible (and have an accounting system that accurately records those costs) but sight should not be taken off the income-earning ball by overly focussing on accumulating even the smallest of costs for claiming.