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Tax basics for small business

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This publication, Tax basics for small business (NAT 1908), is also available in Portable Document Format (PDF, 364KB).

About this guide

If you operate a small business as a sole trader, partnership, company or trust, you can use this guide to find out more about:

  • the services we offer when you start your business
  • working out if you are operating a business
  • registering your business for tax purposes
  • keeping proper records
  • calculating income tax
  • tax concessions for small business
  • how GST works
  • things to consider as an employer
  • your super obligations
  • your fringe benefits tax obligations
  • activity statements
  • income tax returns
  • paying your tax
  • things to consider as your business grows
  • selling or ceasing your business.

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For more information about your tax obligations as a small business operator, refer to:

Throughout this guide you will find important notes (look for the symbol) that will help you with key information.

You will also find ‘more information’ boxes (look for the symbol) that will show any further steps you may need to take or extra information you may need.

Obtaining a paper copy

To order a printed copy, take note of the NAT number – NAT 1908 and use the Online publications ordering service.

Ordering by phone

There are two ways you can do this:

  1. Using our automated service:
    • for businesses – 13 72 26 (if you have an ABN), or
    • for individuals – 13 28 65 (if you don’t have an ABN).

This automated service is available 24 hours a day, seven days a week. It is for people who know the name of the publication they want to order and have no other queries

Businesses need to state:

  • an ABN and the name of a contact person (not the business name) – we need this for delivery purposes, and
  • the name of the publication and the number of copies required.

Individuals need to state:

  • the name of the publication and the number of copies required, and
  • a name and address for delivery purposes.
  1. Using our publications ordering service on 1300 720 092.

An operator- assisted ordering service is available 8.00am to 6.00pm weekdays (closed on weekends and public holidays).

An automated publications ordering service is also available on this number 24 hours a day, seven days a week, for people who know the name of the publication and have no other queries.

Last Modified: Thursday, 15 October 2009

Table of contents
About this guide
Support for small business
A quick tax guide for your business
Starting your business
Choosing a business structure
Registering your business for tax purposes
Keeping good records
Working out your income tax
Claiming deductions
Tax concessions for small business
Making capital gains
Contractors and consultants
Offsetting your business losses
How GST works
Employer obligations
Your super obligations
Your fringe benefits tax obligations
Activity statements
Income tax returns
Paying your tax
Your first year in business
As your business grows
Selling or ceasing your business
Definitions
What to do/read next
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