Would you like to claim on the salary/wage your business pays you? You may or may not be able to do this depending on the type of business that you own.
Company or Trust
If your business operates as a company or trust it can claim a deduction for any salary and wages it pays to you and your employees.
If your business operates as a partner you cannot claim a deduction on your salary or wages. You also can’t claim on salary or wages paid to any other partner of the partnership.
If you are a sole trader you also cannot claim a deduction on your salary or wages. This includes any amount you take from your business income for private purposes. However, you can still claim on salary and wages to employees (this amount can vary depending on the type of work you do).
Claim on Super Too
Salary & wages isn’t all the income you can claim on. You can also claim deductions for super contributions you make for yourself or your employees.
If you’re unsure about claiming on deductions speak with your accountant for more advice.
The information in this document reflects our understanding of existing legislation, proposed legislation, rulings etc as at the date of issue. In some cases the information has been provided to us by third parties. While it is believed the information is accurate and reliable, this is not guaranteed in any way. Any advice in this publication is of a general nature only and has not been tailored to your personal circumstances. Please seek personal advice prior to acting on this information.