Paying the right amount of tax is fair. Tax contributes to public services like schools, roads and hospitals, which is why it's important that everyone pays the right amount of tax.
Most income you receive from carrying on your business is assessable for income tax purposes.
You can claim tax deductions for most business expenses. You may also be eligible for certain concessions, offsets and rebates.
You must:
- keep accurate and complete records of your assessable income and expenses. Your records must be in English or able to be easily converted to English.
- use the correct method for calculating and reconciling the amounts you claim
- report all income and deductions to us at the right time
- pay any amounts owed on time.
We provide guidance on:
- whether you are in business
- definitions of tax and super terms which you don't know
- principles of effective tax governance for your business
If you aren't sure how this information applies to your situation, ask your tax professional or contact us for help. We will help you get back on track if you make an error.