Assistant Commissioner's foreword

Welcome to the Small Business Tax Time toolkit for 2022.

Small businesses are a large part of our economy, with 4.3 million small businesses contributing more than $422 billion to our economy in 2019–20 and providing around six million jobs. We understand how difficult the past years have been for small business owners and appreciate their efforts in keeping on top of things as they adjust their ways of operating based on the impacts of COVID and natural disasters. We also appreciate the role that tax professionals have played to helping small business during this difficult period.

We want to continue to support small businesses at tax time and throughout the year. One of the ways we do this is through the small business tax time toolkit – we review it every year to make sure the fact sheets are up to date and reflect what small businesses want to know. The toolkit contains information to help small businesses get it right, including:

• a helpful directory of links to help them find information, tools, calculators, learning resources and other support and services
• several fact sheets.

This year, we have a new fact sheet on claiming deductions for the cost of digital expenses and have expanded our ‘using business money and assets’ fact sheet to include more information. We also have three new fact sheets for primary producers. They’re not part of the broader small business toolkit, but you can find the links to them in the ‘small business guides’ section.

Unexpected events can make it more difficult for your clients to meet their obligations; but remember that we are here to help you and your clients.

We encourage you to share this information with your small business clients, stakeholders, members and networks, and hope you find it helpful.

Andrew Watson, Assistant Commissioner, Australian Taxation Office