Your tax time questions answered
It's time to prepare and lodge your business tax return for the 2023-24 financial year!
Do you know your responsibilities as a business owner when lodging and paying tax? To help you stay on top of your responsibilities as a business owner, we've answered your top tax related questions.
How do I lodge my business tax return?
You need to lodge a tax return for the 2023-24 financial year, even if your business hasn't earnt any income.
What you need to report and how you lodge your tax return depends on your business structure:
Individual tax returns can be lodged online with myTax, but most businesses will need to lodge using standard business reporting enabled software or through a registered tax agent.
What can I claim as a tax deduction?
You can claim a tax deduction for most expenses you incur in running your business if they are directly related to earning your income. The ATO advises that there are 3 'golden rules' to consider when it comes to business deductions:
Common types of deductions include motor vehicle expenses, travel expenses, digital product expenses and workers' salaries, wages and super contributions.
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What do I need to do for my employees?
If you're an employer, you need to lodge your Single Touch Payroll (STP) finalisation declarations by 14 July (later for closely held payees). Remember to finalise all employees you’ve paid in the financial year, even those you haven’t paid for a while, like terminated employees.
Where do I go for help with my business taxes?
If you want help with your business tax, there is assistance available:
How can I make tax time easier next financial year?