Tax time can feel overwhelming, especially for small business owners trying to juggle operations, staffing, compliance and cash flow. But with the right preparation and guidance, lodging your tax return doesn’t have to be stressful.
Whether you’re lodging your return yourself or working with a tax professional, a little organisation now can make a big difference.
Before anything else, make sure you’re ready to interact with the ATO online.
Online services for business is your main hub for managing tax and super obligations.
To get started, you’ll need to:
Tip: If you’re a sole trader, you can also use ATO online services through myGov. For more secure and flexible access, we recommend signing in with myID.
You must declare all income your business receives, including non-cash payments. This means if you have received goods or services in exchange for your work, it still needs to be reported. If it’s earned through your business, it counts.
Business losses and non-commercial losses are treated differently under tax law. Knowing the difference can affect how you report them and how they may be carried forward into future years.
Taking the time to understand your business’s loss position can help you get your reporting right and ensure you make the most of allowable deductions.
If you use business money for personal expenses, make sure you record it clearly. It’s important to keep personal and business finances separate to avoid confusion or complications when it’s time to lodge your return.
If you are using a registered tax agent, you must nominate them in Online services for business. They cannot act on your behalf or access your information until you give them the proper authorisation.
When claiming deductions for business expenses, keep these principles in mind:
1. The expense must be for your business, not for personal use
2. If the expense is for both business and private purposes, only claim the business portion
3. You must have records or receipts to prove the expense
Keeping detailed and accurate records throughout the year is essential.
How you account for income determines how and when you report it to the ATO:
Now is the time to review what deductions or concessions may apply to your business. You might be eligible for:
These concessions can make a significant difference to your tax outcome and your bottom line.
Explore these resources to support your business this tax time:
Tax time doesn’t just mark the end of a financial year — it’s also an opportunity to take stock, identify areas for improvement and strengthen your financial foundations. By staying informed, keeping good records and making the most of the tools and support available, you can approach your tax obligations with greater clarity and confidence. Whether you’re managing it yourself or working with a professional, the steps you take now can help set your business up for success in the year ahead.
As we head into another round of tax season, the Australian Taxation Office (ATO) has outlined key areas it will be focusing on — and it’s a timely reminder to check your claims and records carefully.
Whether you work from home, have multiple income streams, or just want to make sure your return is accurate, this guide is here to help you navigate your personal tax return and stay on track this tax time.
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.
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.
