Tax can be overwhelming, especially when it feels like the rules keep changing and the grey areas keep growing. In a recent episode of Business Built Freedom, Lawrence Petruzzelli from MDB Taxation & Business Advisors unpacked the most common traps and misconceptions around business tax deductions, vehicle claims, and business structures. Whether you are starting out or scaling fast, getting this stuff right can save you money, stress, and even your business.

Key Takeaways

• The ATO only allows business tax deductions that have a direct connection to generating business income, so not everything “business-related” is claimable.

• High-end vehicles and luxury claims attract serious ATO scrutiny, especially without proper Fringe Benefits Tax documentation.

• Everyday items like phones and internet still require proportionate claims and supporting records.

• Structuring your business properly from the beginning can prevent tax headaches and protect your assets.

• Late lodgements can be more damaging than late payments, with serious consequences for directors if ATO debt builds up. Read More