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  • Tips for small business owners

    Paying tax is part of running a business. Mistakes with your tax can cost you time and money and lead to worry and stress.

    These tips will help you to pay the right tax:

    Seek advice and support

    A tax professional can help keep you on track and avoid costly mistakes. Make sure you:

    • Choose a tax agent, bookkeeper or BAS agent who is registered with the Tax Practitioners Board.
    • Keep your tax professional in the loop – regular contact will help them understand your business and give you the right advice.
    • Talk to your tax professional or come to us if you’re unsure of something or you're considering making changes to your business.

    Check your business structure

    Unnecessarily complex business structures can overcomplicate tax obligations. Talk to your tax agent to ensure your business structure suits the needs of your business.

    Keep good records

    Keeping good records is essential and will make it easier to report to us:

    • Talk to your software provider or tax professional to check that your record-keeping processes meet current requirements.
    • Make sure you conduct regular reconciliation processes by cross-checking figures with your bank statements and source documents (for example, till tapes, tax invoices and receipts).
    • Use technology to run your business, such as point of sale software, accounting systems and mobile apps. These products can save you time and help you report accurately.

    Get your income and expenses right

    Ensure what you report is accurate:

    • Report all of your business income, even if it has been paid in cash, or into a private account. We use data matching and benchmarking to help us identify hidden activities.
    • The figures you report need to be exact – so keep records from the get go and don't try and 'guestimate' after the event.
    • Make sure your deductions genuinely relate to your business, and that you have the required evidence to support your claims.

    See also:

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    Last modified: 27 Aug 2019QC 59958