Are You Leaving Money on the Table? 15 Items Business Owners Forget on Their BAS and Tax Return
- Benny
- 5 days ago
- 3 min read
Every year, Australian business owners hand more money to the ATO than they need to — not through avoidance, but through simple oversight. Between running operations,
managing staff, and chasing growth, it's easy to miss legitimate claims and reporting items that quietly erode your bottom line.
Here are 15 of the most commonly forgotten items we see when we review the books of new clients. Some cost you money in missed deductions; others create compliance risk by being reported incorrectly. Either way, they're worth a closer look before you lodge.
On Your BAS (the GST side)
1. Fuel Tax Credits
If your business uses fuel in machinery, plant, equipment, or heavy vehicles, you may be entitled to fuel tax credits — and the rates change regularly. Businesses in transport, agriculture, and manufacturing routinely under-claim or skip this entirely because the calculation feels fiddly.
2. The GST Portion of Insurance Premiums
Insurance is a classic trap. You can generally claim the GST included in a premium, but stamp duty has no GST component. Claiming GST on the full premium overstates your credits and can trigger ATO attention.
3. Wrongly Claiming GST on GST-Free or Input-Taxed Costs
Bank fees, loan interest, most government charges (council rates, ASIC fees, motor vehicle registration), and residential rent generally carry no GST. Coding these with GST is one of the most frequent errors we correct — and it's an easy way to end up with an inaccurate BAS.
4. GST on the Sale or Disposal of Business Assets
Sold a vehicle, tools, or equipment? If your business is registered for GST, you usually need to remit GST on that sale. This is one of the most overlooked items because it's a one-off event that doesn't show up in your usual transaction flow.
5. GST Adjustments for Bad Debts
If you've paid GST on an invoice that a customer never paid and you've written it off, you may be able to claim that GST back via an adjustment. Most owners simply forget the debt and lose the credit.
6. Home-Based Business Apportionment
If you run part of your business from home, the business-use portion of expenses can have a GST component you're entitled to claim — provided it's correctly apportioned and documented.
On Your Income Tax Return (the deductions side)
7. Home Office Running Costs
Electricity, heating, cooling, internet, and phone for the business-use portion of a home workspace are commonly under-claimed because owners don't keep the records needed to substantiate them.
8. Depreciation and the Instant Asset Write-Off
Eligible assets can often be written off immediately or depreciated over time. Owners frequently miss smaller purchases — tools, tech, office furniture — that add up to a meaningful deduction.
9. Prepaid Expenses
Insurance, subscriptions, or rent paid in advance may be deductible under specific prepayment rules. These get buried in the books and forgotten at year-end.
10. Superannuation — But Only When Actually Paid
Super is only deductible in the year it's received by the fund, not the year it's accrued. Leaving the June quarter contribution until July pushes the deduction into the next financial year — a timing mistake that costs real money.
11. The Cost of Managing Your Tax Affairs
Fees paid to your bookkeeper, accountant, or tax agent are themselves deductible. It's a small irony, but plenty of owners forget to claim the very cost of staying compliant.
12. Business Start-Up Costs
Eligible small businesses can immediately deduct certain start-up expenses, such as professional advice and government fees incurred when setting up. Newer businesses almost always miss this.
13. Bad Debts Written Off
Beyond the GST adjustment, the income value of a genuinely unrecoverable debt may be deductible — but only if it's properly written off in your records before year-end.
14. Motor Vehicle Expenses (Logbook Method)
Owners often default to the simplest method and leave money behind. A valid logbook can unlock a far larger, fully substantiated claim for fuel, servicing, insurance, and depreciation.
15. Subscriptions, Memberships, and Professional Development
Industry association fees, software subscriptions, trade publications, and relevant training are all potentially deductible — and easy to overlook when they're spread across the year.
The Real Cost of "Close Enough"
Individually, each missed item might seem minor. Together, they can represent thousands of dollars a year — plus the compliance risk that comes from a BAS or return that doesn't quite stack up. The businesses that consistently get this right aren't lucky; they have the right systems and the right people reviewing the detail.
With over 25 years of experience supporting Australian SMEs across healthcare, NDIS, not-for-profit, transport, agriculture, manufacturing, retail, and more, On All Counts makes sure nothing slips through the cracks — from precision bookkeeping and ATO compliance right through to strategic accounting and Virtual CFO guidance.
Ready to stop leaving money on the table?
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