Tax season doesn’t have to be overwhelming for business owners. Staying compliant and maximising deductions can make a significant impact on your bottom line. Here’s what you need to know:
📅 Key Deadlines for Businesses
✔️ The upcoming due date for quarterly BAS lodgement is February 28.
✔️ PAYG Withholding & BAS: Reporting is required monthly or quarterly, based on your business structure and turnover.
📝 Essential Documents for Business Tax Returns
To ensure smooth lodgement and compliance, have these key documents prepared:
✔️ Financial Statements – Profit & Loss, Balance Sheet, and Cashflow Reports.
✔️ Accounting Software Reports – Exports from Xero, MYOB, or QuickBooks.
✔️ Employee Payroll & PAYG Reports – Essential for businesses with staff.
✔️ GST & BAS Documents – Invoices, receipts, and GST claim records.
✔️ Business Expense Records – Including office costs, rent, travel, and asset depreciation.
✔️ Loan & Investment Statements – Details of business-related financing, loans, and investments.
💡 Maximise Deductions & Ensure Compliance
✔️ Strategic Tax Planning – Prepay expenses or defer income where beneficial.
✔️ Asset Depreciation Deductions – Claim eligible business assets to reduce taxable income.
✔️ Regulatory Compliance – Meet all FBT, CGT, and Superannuation obligations.
✔️ Work with a Tax Specialist – Identify opportunities to improve cash flow and tax efficiency.
📢 Need expert tax advice? We help business owners simplify tax compliance while maximising deductions. Let’s chat today!
