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  • Ready, steady…

    11 June 2019

    Tax time doesn't have to be a race against the clock for your business.

    Whether you prepare your own return or use a registered tax agent, get ready now with these tips so that lodging your tax return goes smoothly.

    • Check whether any expenses you may be thinking about qualify for small business tax concessions, such as the instant asset write-off or immediate deduction for prepaid expenses.
    • Start gathering and sorting your business records now. You need records of all cash, online, EFTPOS, bank statements, and credit or debit card transactions covering:  
      • sales and other business income
      • expenses you can claim as a business deduction.
    • Make digital copies of any paper records and make sure you back them up. If you're a sole trader you can use the myDeductions tool on the ATO app.
    • Even if your business hasn't made any income this year you still need to prepare and lodge a tax return if you have an ABN.

    Need help? We have a range of services and tools for small businesses.

    Remember, registered tax and BAS agents can help you with your tax.

    Find out about:

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