Business Owners – Top 10 Tips for completing your tax return

1. Declare all your income

If you’ve been paid in goods, services, shares or foreign currency you may still be required to declare it. Make sure nothing is missed to avoid the cost of amending your Tax return or incurring an ATO penalty.

2. Know your deductions

Claim all eligible deductions such as rent, salaries, utilities, depreciation, bad debts, and interest expenses. Don’t forget capital allowances and carry-forward losses. Follow the 3 golden rules:

• The expense must relate to your business
• You can only claim the business-use portion
• You must keep records for at least 5 years, This includes invoices, receipts, payroll summaries, BAS statements, and capital gains documentation. Good recordkeeping ensures compliance and maximises deductions.

3. Understand cash vs accrual

Do you report income when invoiced or when received? Ensure you are using the best method for your business and cash flow.

4. Keep private and business separate

Using business funds for personal expenses? The rules are very strict and can result in Division 7A agreements when you are trading as a Company or Trust. Even as a Sole Trader, you need to ensure you are keeping your business expenses separate to your personal expenses.

5. Depreciate Assets Strategically

Use depreciation schedules to claim deductions on machinery, vehicles, and other capital assets. This spreads the cost over time and aligns with ATO guidelines

6. Bookkeeping

Ensure your bookkeeping is up to date and your bank balance matches your accounts. TaxAssist Accountants have a bookkeeping service if you need this additional help.

7. GST registered 

If GST registered, you will need to complete the June BAS before you can complete your business tax return. If you need help with this the TaxAssist Accountants bookkeeping team can provide this service..

8. Meet Superannuation Deadlines

Ensure all employee super contributions are made on time to claim deductions. Late payments may not be deductible and could attract penalties. Contact TaxAssist Accountants if you need help with your payroll compliance.

9. Use Accounting Software

Platforms like Xero help automate expense tracking, reconcile bank accounts, and prepare financial statements. This reduces errors and ensures you don’t miss deductions

10. Lodge Correctly and On Time

Whether you lodge online, via a tax agent, ensure you meet ATO deadlines. Companies typically lodge by 28 February, while sole traders and trusts must lodge by 31 October unless using a registered agent such as TaxAssist Accountants.

Want help making sense of it all or maximising your deductions?

We are here to support you every step of the way.

Contact us on :1300 513 332 today to book a consultation—so you can focus on your business while we take care of the numbers.

Last updated: 24th July 2025