1. Check what record keeping and other tasks to complete


Some of the yearly tasks you need to do as a small business owner may include:

For more information, visit the Australian Tax Office website, call the ATO on 13 28 66, or talk to your tax professional.

2. Find out what tax deductions and concessions you can claim


You can claim deductions for most business expenses, as long as they directly relate to earning your income.  For example, you may be able to claim deductions if your business:

  • has set up a website
  • has motor vehicle expenses
  • uses diesel fuel
  • operates at home
  • has travel expenses
  • uses machinery, tools or computers

You must have records to prove the expenses that you claim as business deductions.

If you’re a sole trader, consider using the ATO app’s myDeductions tool to record your business income and expenses during the year.

Consider planning for the end of year. Try to write off any debtors or assets before the year ends to claim a tax deduction.

There are also a number of tax concessions available to support small business. Consider whether you can make use of some of these before the end of the financial year.

 

3. Check your tax agent is registered


Check your tax agent is registered with the Tax Practitioners Board (TPB).

There are two ways you can check:

  1. Search the TPB register.
  2. Look for the registered tax practitioner symbol on their website, stationery, brochures or business cards. The registered tax practitioner symbol includes the type of registration and their individual registration number.

4. Keep up-to-date with tax changes


There may be tax changes each year that you need to be aware of. These might include changes in tax law and deductions or concessions for small business.Your tax professional can help you understand any changes. You can also keep up-to-date by subscribing to the ATO’s small business newsroom.

5. Be wary of tax refund scams


There are a number of scams that target small business around tax time. Common tax time scams include:

  • tax refund scams – the scammer claims you’ve overpaid your taxes and are eligible for a refund. To get this refund, they claim that you need to pay a fee for administration or transfer costs.
  • tax owed scams – the scammer claims you've underpaid your tax and need to repay it immediately. In order to make this payment, they ask for your credit or debit card details, or ask you to send money through a money transfer, or they may ask you to purchase iTunes cards and send them the details of the cards.

6. Review your finances


Review your finances with your accountant or bookkeeper.

Look at whether you met your targets and what you can do differently next financial year. Create a cash flow forecast to:

  • manage any potential shortfalls
  • ensure you can still pay your staff and suppliers

7. Review your business and marketing plans


Take time to set yourself up for the year ahead. Regularly reviewing and updating your plans will help you to:

  • remember your goals and priorities
  • assess whether your strategies are working
  • adapt to any changes in your environment
  • make the most of new opportunities as they come your way
  • prioritise and maximise your effort (work smarter, not harder)

The Business plan template and guide can help you get your business started.

8. Review your business structure


As your business grows and expands, you may decide to change your business structure, or to restructure your business. The compliance and taxation regulations differ depending on your business structure.

9. Check your insurances


If your circumstances change, you may need to update your level of cover.

Read the product disclosure statements (PDS) for your insurance policies carefully. Don't assume you're covered.

A broker will work with your business to make sure you get the best deal from an insurance company.

10. Backup and secure your files


Backup and store your business information in a secure off-site location. Include:

  • registrations
  • financial information
  • customer data