05.06.2019

How can I prepare for Tax Time? ATO information for small businesses

The ATO knows that small businesses have a lot to think about and tax is not always at the top of your list. To help you, the ATO has a range of support, tools and tips to make it easier for you to get your tax and super right.

Brush up on your obligations and entitlements before the end of the financial year. After all, a taxpayer is responsible for their own return, even if they lodge through a tax agent. There are plenty of ways you can find out about which deductions you can claim, the concessions that are available to you, or best practices for record keeping.

Throughout tax time, the ATO will be publishing articles and tips to help you. Subscribe or follow us now to keep up to date with everything small business.

There is also a wide range of tools and services tailored to help small businesses.

To get you started here are some tips for small businesses below to help you get prepared:

  1. Report all of the income you make through your business in your tax return, whether you receive the money in person or electronically.
  2. To claim deductions for the costs of running your business, the money must have been spent for your business – not a private expense. If the expense was partly for private use, only claim the portion related to your business.

For more information, visit ato.gov.au/incomeanddeductions

  1. Take advantage of the concessions that may apply to your small business, such as the instant asset write‑off. Find out more at ato.gov.au/concessionsataglance

Don’t forget to keep records to prove what you report and claim in your tax return.  Good record keeping should underpin everything you do for your small business – it can make it run smoother and point out any issues before they become problems.