BUSINESS ENTERPRISE CENTRE NT

BECNT Blog

End of the Financial Year

 

Whether you lodge your own tax return or you use a registered tax agent, it’s a good idea to prepare for tax time by:

You can refer to the new fact sheets to help you to understand common small business expenses:

You can subscribe or follow us now to keep up to date with everything small business to help you better understand how to report your income and make the most of the deductions and concessions you can claim in your tax return see; Small business newsroom

 

Top tax time tips for small businesses

  1. Report all of the income you make through your business in your tax return, whether you receive the money in person or electronically.
  2. To claim deductions for the costs of running your business, the money must have been spent for your business – not a private expense. If the expense was partly for private use, only claim the portion related to your business.

For more information, visit ato.gov.au/incomeanddeductions

  1. Take advantage of the concessions that may apply to your small business, such as the instant asset write‑off. Find out more at ato.gov.au/concessionsataglance
  2. Don’t forget to keep records to prove what you report and claim in your tax return.  Good record keeping should underpin everything you do for your small business – it can make it run smoother and point out any issues before they become problems.
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