In 2024, the most common tax deductions for small businesses and sole traders are work-related expenses like uniforms, tools, equipment/travel, self-education, charities, home office, and investment expenses.

In recent years, the ATO has increased scrutiny of small-business claims. Highlighting the importance of having accurate and comprehensive records to back-up any claims that you are making.

Over the year, it can be difficult to keep track of all your receipts and invoices that are tax-deductible. Moreover, if you use your personal card for many transactions – you’ll find it hard to discern when you’ve paid for something for personal use or private use.

As well as having an attractive fee-structure, the Unlock card helps you better document and manage tax-deductible purchases.

By solely using your Unlock Mastercard for tax-deductible purchases, you can keep detailed records of your business transactions to simplify your tax filing process. Instead of sifting through hundreds of old receipts and invoices, simply search through your Unlock transactions and find the relevant purchases you’ve made over this financial year.

It helps you keep a clear distinction between personal and business expenses and gives you peace of mind that you have claimed the exact amount you are entitled to without any complications arising if you are audited.

Finally, your Unlock Mastercard can sync to existing budgeting tools or apps that help automatically categorise and track your tax-deductible expenses.

This can help you effectively manage cash flow, control expenditure, and give you better oversight of where you are spending most across your business.

It’s important to always consult a tax professional before making significant purchases or claim deductions, so make sure you seek advice from a tax professional to ensure compliance with Australian tax laws and maximise your deductions safely and optimally.

By following these guidelines and utilising your Unlock Mastercard – deductions for the upcoming end of the Australian financial year will be much more simpler and rewarding.