ATO: Get Ready For Tax Time

As we head towards the end of another financial year, here are some things you can do to prepare for tax time.

Before 30 June, check if there are any tax-deductible items your business may need, or any concessions you can access. You could be eligible for simplified depreciation rules, the small business income tax offset, immediate deductions for pre-paid expenses and temporary full expensing. These can help you reduce your tax bill, and some may save you time.

If you’re finalising in Single Touch Payroll (STP) Phase 2 for the first time, see our common STP Phase 2 reporting questions and mistakes. Knowing what to do will help you report and finalise accurately.

Did you know that you can vary your pay as you go (PAYG) instalments to avoid paying too little or too much tax for the year? You can make your variation when you lodge your activity statement or instalment notice, through Online services for business or your registered tax or BAS agent.

Remember, you need to lodge your variation on, or before the day your PAYG instalment is due, and before you lodge your tax return for the year.

Your income tax return may look different this year. You may need to pay a little more than last year as the low and middle income tax offset has now ended. We’ve started offsetting any credits or refunds you might have, to pay off debts we previously put on hold.

You can find a list of reasons about why you’re paying more tax or why refunds are lower this year on our website.

How are your record-keeping habits? Good record keeping is one of the foundations of running a business, so it can save you money and time if your records are up to date.

Now is a great time to connect with our digital services. Our online services are quick, easy and secure. You can manage your business reporting and transactions in one place, whenever it’s convenient for you.

Remember, registered tax and BAS agents can help you with your tax.

Source: ATO