If you carried on a business (as an individual) during the financial year, you'll need to lodge a tax return - even if your business made a loss.
When lodging your own business tax return, make sure you lodge by 31 October. If you need more time, you may be able to access extended lodgment dates through a registered tax practitionerExternal Link, provided you engage them before 31 October.
Get your tax return ready
Before lodging, check that you've:
- included all assessable business income
- claimed the business deductions you're entitled to
- correctly apportioned expenses that were used for both business and private purposes
- kept the records you need to support your claims.
Having accurate records can help you lodge with confidence and avoid mistakes.
New TPAR pre-fill available
If you're a sole trader or contractor providing services under the Taxable payment reporting system (TPRS), payments reported to us through a Taxable payments annual report (TPAR) are now pre-filled in your tax return.
Most TPAR information should now be available, making it easier to include all related assessable income in your return. Remember to review any pre-filled information carefully and add any income that isn't included.
Access free resources
To help you navigate tax time, explore our Tax Time toolkit for small business. It brings together practical information, tools, calculators and a range of Small business guides in one convenient place, making it easier to prepare, lodge and stay on track this tax time and throughout the year.
Build your confidence in managing small business obligations by participating in our interactive small business masterclasses. You can also increase your understanding of tax and super obligations through our free, self-paced courses at Essentials to strengthen your small businessExternal Link.
Keep up to date
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Explore more articles in our Small business newsroom.
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