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A practical tax guide for Australian small businesses. Learn how to manage deductions, BAS, payroll, and prepare for EOFY with confidence.
✅ What is Tax Season in Australia?
The Australian financial year runs from 1 July to 30 June. Small businesses must finalise accounts by 30 June and lodge tax returns by 31 October—unless working with a registered tax agent, in which case the deadline is extended to 15 May the following year.
🔍 Tip: Register with a tax agent before 31 October to qualify for extended lodgement deadlines.
📋 Tax Obligations for Different Business Structures
| Business Type | Lodgement Requirement |
|---|---|
| Sole Trader | Included in personal tax return |
| Partnership | Partnership return + individual returns |
| Company | Separate company tax return |
| Trust | Trust tax return + beneficiary reporting |
You may also need to manage:
GST (if turnover > $75,000/year)
PAYG withholding (for employees)
Superannuation contributions
💰 Top Tax Deductions for Small Businesses
Make sure to claim these common deductions:
Operating expenses (rent, utilities)
Business-related travel
Office equipment and software
Wages and super contributions
Home office expenses
✅ Instant Asset Write-Off: Eligible businesses can instantly deduct assets under the ATO’s threshold—great for cash flow and tax reduction.
📂 How to Maintain ATO-Compliant Records
Good record-keeping = less stress and more deductions.
Reconcile accounts monthly
Separate personal and business expenses
Keep records for 5 years
Use accounting software like Xero or MYOB
Pro tip: Digitise receipts using apps to make tax time smoother.
👥 Payroll and Super Responsibilities
If you hire staff:
Register for PAYG withholding
Report via Single Touch Payroll (STP)
Pay superannuation (11% from July 2024)
Finalise STP by 14 July each year
❗ Late super payments attract heavy penalties, so use automated systems where possible.
📊 BAS Lodgement and GST
If you’re GST-registered, you must submit a Business Activity Statement (BAS):
Quarterly (standard)
Monthly (if required by the ATO)
Each BAS covers:
GST collected vs paid
PAYG withholding
Fuel and other credits
Missing BAS deadlines can trigger fines and interest charges.
🤝 Why Work with a Registered Tax Agent
Working with a tax agent like EMUTAX gives you:
Deadline extensions
Accurate deductions and compliance
Strategic planning for tax minimisation
Peace of mind during ATO audits
Let the experts handle the complex stuff while you focus on growing your business.
📌 Tax Season Checklist for Small Businesses
✅ Prepare financials before 30 June
✅ Lodge BAS and tax on time
✅ Review payroll and super compliance
✅ Use accounting software
✅ Book a consult with your tax advisor
🚀 Get Professional Tax Support from EMUTAX
At EMUTAX, we help small businesses across Australia with:
Business tax return preparation
BAS and GST compliance
Payroll and STP setup
Cloud bookkeeping support
Proactive tax planning
📞 Contact us today and make this tax season the easiest one yet.
👉 Schedule a Free Consultation
Disclaimer: This content is for general information only. For personalised advice, please consult a registered tax professional.
