Essential tips and guidance to help you meet your tax obligations. Tax time can be daunting for small business owners, but there are plenty of resources available to help navigate the process.
Helpful links
Here is some helpful information small businesses should be aware of during tax time:
- Business tax deductions – you can claim a tax deduction for most expenses you incur in carrying on your business if they directly relate to earning your assessable income
- Business losses – if you’ve made a business loss in a current year, you can generally carry forward that loss and claim a deduction for your business in a future year. You may be eligible for the loss carry back tax offset
- Your PAYG withholding cycle may change from 1 July depending on your withholder status – the ATO will write to you if changes to your withholding cycle are required
- Fringe benefits tax (FBT) – find out if you need to pay FBT on certain employee benefits
- Lodge and pay your March quarterly BAS – lodge and pay by 28 April to avoid penalties and interest
Beware of scams
Scammers are increasingly active around tax time. Be on the look out for strange texts or emails from scammers impersonating a trusted government organisation and be sure to report any scam attempts you come across.
Free ATO courses
The ATO has launched Essentials to strengthen your small business, a new online learning platform for small businesses. Learn from a range of courses covering:
- business lifecycle stages – idea, start-up, day-to-day, change and exit
- reporting obligations – for example, businesses with employees, GST or fringe benefits tax
- learning needs – what good record keeping is, how to improve cash flow or grow the business
- other circumstances – for example, help setting up a business, checking if the business is viable or needs to be closed
For more tax time information, visit the ATO’s Supporting Your Small Business page.
