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  • Tips for getting your tax right

    1 November 2019

    We've been measuring the difference between the tax we collect, and how much we would collect if everyone paid the right amount. We see that almost 90% of the income tax we expect from small businesses is reported and paid voluntarily.

    We know most small businesses are trying to do the right thing – but not everyone is paying the right amount of tax.

    Some people are deliberately trying to avoid paying the right tax - we call this 'black economy behaviour' and we've got a range of strategies in place to address it. Others are just making honest mistakes. However, it all adds up and it's costing Australia around $11 billion in lost revenue. This means there is less money to deliver vital community services.

    Mistakes are easy to avoid if you get the basics right:

    • Keep good records and reconcile all your transactions regularly.
    • Consider using point-of-sale software, accounting packages or mobile apps to keep track of your income and expenses.
    • Seek advice from a tax professional if you're unsure of something or considering making changes to your business.
    • Report all of your income and only claim deductions for expenses that genuinely relate to your business.

    Find out about:

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