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Overview of business income and deductions

An overview of your responsibilities to keep accurate records and pay the right amount of tax.

Last updated 31 May 2023

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
  • 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.

See our definitions for explanations of tax and super terms that you don't understand.

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.

See also