Tax time doesn’t have to be overwhelming, especially when you have the right information and support at your fingertips. Whether you’re managing a home-based business or running a growing team, this checklist offers practical tips to help you stay on top of your obligations, avoid surprises, and maybe even find a few extra deductions along the way.
To claim a business expense, make sure it meets these three essential criteria:
Keeping good documentation is key to claiming confidently and accurately. For more information on business tax deductions, visit the business deductions page.
The ATO offers a small business tax time toolkit that brings together useful resources, calculators, and guides. It covers topics like:
It’s a handy resource to keep bookmarked year-round.
If you run your business from home:
Whichever method you use, make sure your records are accurate and kept for at least five years.
If you’re new to business, consider opting into Pay As You Go (PAYG) instalments.
It lets you pay tax in smaller amounts throughout the year, which can help prevent a large tax bill later.
You can also adjust your instalments if your income changes. You can find out how to vary your instalments by visiting the varying PAYG instalments page.
Some tax concessions can save you time and money, such as:
These benefits can reduce your tax bill and simplify reporting — well worth looking into. For more information on available concessions, visit the small business concessions page.
From 1 July 2024 to 30 June 2025, eligible small businesses can claim an immediate deduction for the full cost of assets under $20,000 (per asset).
This can apply to multiple items, making it a valuable opportunity if you’re upgrading or investing in equipment. For more information, visit the instant asset write-off page.
You can claim expenses such as fuel, insurance, depreciation, and repairs if you use your car for business.
For 2024–25, the car limit for depreciation is $69,674.
Your business structure and the type of vehicle you use affect how these claims are calculated.
For more information, visit the motor vehicle expenses page.
If you have employees, be aware of these key dates and updates:
Accurate payroll and super reporting is critical for staying compliant. You can find out more by visiting the record keeping for business page.
Good record-keeping supports smooth tax reporting and better financial decisions.
If you’re unsure how to handle something — or think you won’t be able to lodge or pay on time — support is available.
Being proactive can help you avoid penalties and reduce stress.
Getting ready for tax time doesn’t have to be a scramble. With some preparation, smart tools, and support where needed, you can approach it with confidence and peace of mind. Use this checklist to guide your planning — and give yourself the best chance at a smooth and rewarding tax season.
The ATO has released new guidance that could significantly impact how small businesses engage and classify workers. If you hire contractors, it’s time to take a fresh look at your contracts — and your compliance risk.
The countdown to the end of the financial year 2025 is on and it’s crunch time for small business owners. But just completing the necessary EOFY tasks is not enough – you need to launch into the next year strong.
Here’s your checklist to get started.
Running a small business means juggling a thousand tasks — chasing payments, managing staff, handling paperwork, and finding time to actually do the work you’re paid for. Thankfully, Xero has just rolled out several smart updates aimed at making life easier for small and mid-sized businesses. Here’s a quick rundown of what’s new, and how these innovations can help you spend less time on admin and more time growing your business.
