Lodging your own tax return? Read this before the 31 October deadline.

If you run a business you need to lodge a tax return, even if you made a loss.

When you lodge your own tax return, you need to lodge by 31 October.

You can lodge online using myTax if you’re a sole trader, or through Standard Business Reporting enabled softwareExternal Link if your business is a partnership, trust or company.

Before you lodge, you need to check:

what to include and exclude in your business’s assessable income
what business deductions you can claim
you have separated an expense if you’ve used it for both business and private use
you have the records to prove your claims if we ask for evidence.

If you can’t meet the deadline, you can lodge through a registered tax agent but you need to engage with them before 31 October. Tax agents must be registered with the Tax Practitioners BoardExternal Link.

If you decide to lodge your tax return yourself it’s worth checking out Essentials for strengthening your small business. It has a range of free, self-paced courses designed to help you at tax time and throughout the year.

If you’re experiencing financial difficulties, there is support available. Contact us or your registered tax professional as soon as possible to discuss your circumstances.

 

QC103145 – Published 10 October 2024

https://www.ato.gov.au/businesses-and-organisations/small-business-newsroom/lodging-your-tax-return