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