We advocate using different credit and/or debit cards to track the costs for business, personal and investment activities. Here is our frequently asked questions (FAQ) list:

Q: If I get a card with my business name on it, does that mean all expenses are tax-deductible?

A: No, the ATO uses a "purpose" and a "substance over form" approach, only expenses necessarily incurred for the business are deductible and they frown on mixing these up.  So, best to stick to using one card for each activity.

Q: My card arrived and it does not have the business name on it?

A: We recommend using a labeller machine and labelling each card for the purpose it is used for, for e.g. I personally keep 3 cards at all time to use as follows:

1. Personal - groceries, clothing, utilities, spending etc.
2. Business - business books, gadgets, subscriptions etc for our business entities
3. Investment - for investment property or other expenses in our Investment entity.

Read more on why we use credit cards to track expenses.

Disclaimer: This information is general in nature. So, before acting on this or any other information, it is important to seek professional advice related directly to you and your circumstances.  Should you require our assistance, contact your Primarius Team leader, or email us at info@primarius.net.au