5 IMPORTANT TAX RETURN TIPS – FOR

SMALL BUSINESS OWNERS

Tax returns usually get sidelines by small business owners due to the humongous amount of paperwork involved. This quick guide reminds

you of some basic things which you should consider for filing returns.  

1.

It is important for business owners to budget for extra costs such as superannuation contributions.

2.

Business owners should keep all valid tax invoices and documentation.  As per the law, you need to have all documentation before you lodge a Business Activity Statement.

3.

Another important factor to be considered is deadlines. Business Activity Statement lodgements and payment of Pay As You Go (PAYG) due dates are always pre-arranged for every financial year and it is important for business owners to organise their paperwork around these deadlines.

4.

There is also an option of reducing quarterly PAYG income tax instalments if your business is experiencing low activity and profit returns.  It is always best to contact ATO if you have troubles paying your tax debts, as the ATO can offer payment arrangements but you have to make sure you honour these arrangements.

5.

If there is a written off debt for which the GST has been paid in a previous Business Activity Statement, then the business owner can claim the GST.