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Reducing Tax: Deductions for Small Business
Generally, small businesses can claim a deduction for anything used in producing income. Australian Accounting Standards refer to these deductions as “Expenses” (AASB). Knowing what these expenses are and learning how to generate and analyse a profit and loss statement is vital to reducing your small business's taxable income. First, expenses need to be correctly allocated to their associated account. The Expense accounts form a part of the Chart of Accounts (COA). The