Tax time tips for small business
As we head towards the end of another financial year, it's time to:
- see if there are tax-deductible items your business needs before 30 June
- check if there are any concessions you can access before 30 June; for example, you may be eligible for the small business restructure rollover concession so you can save on capital gains tax, or the increased small business income tax offset, which is 16% from 2021–22 for unincorporated entities (capped at $1,000)
- think about your record keeping habits this past year – would you do anything differently?
Good record keeping is one of the foundations of running a business, so it can really help if you do it well.
If you have employees, make sure you finalise their Single Touch Payroll information for 2021–22 by 14 July. Let your employees know when you've finalised, so they can lodge their income tax returns.
If you've made a loss from your business, there are special rules about how these can be used for tax purposes.
Find Out More...
Business tax deductions
Concessions at a glance
Record keeping for business
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