Keeping track of and paying tax is an important factor to consider in your business.
How you lodge your taxes will depend upon your business structure.
Check Requirements For Your Structure
Your business needs to file taxes each year, even if you don’t meet the tax threshold or you record a loss. When you file it’s important to understand the rules for your business structure.
- Sole Trader – Lodge an individual tax return and include all of your business income on a separate business schedule. No need to file a separate business tax return.
- Partnership – Although a partnership has a tax file number (TFN) it doesn’t pay income tax on the profit it earns. Instead, each partner reports their share of the partnership income on their own tax return. The partnership itself then also files a business tax return under its TFN.
- Company – A company is a legal entity that must submit a company tax return and pay tax on the company’s income. Directors and board members will still need to file individual returns.
- Trust – Trusts have their own TFN numbers and must lodge an income tax return.
- Non-Profits – May be eligible for tax concessions. Read tax concessions for NFP organizations from the Australian Taxation Office website.
Business Activity Statements
When you register your Australian Business Number (ABN) and GST the Australian Tax Office will send you a business activity statement automatically when its time to lodge them. Your BAS allows you to file and pay taxes including:
- Goods and Service Tax
- Luxury Car Tax
- Pay As You Go Withholding (PAYG)
- Pay as you go Installments
- Wine Equalisation Tax
- Fringe Benefits Tax Installments (FBT)
Most businesses choose to lodge their BAS online.
Discover Your File By Date
All returns are due 31 October for sole traders, partnerships, and trusts.
Company returns are due 28 February for those who prepare their own taxes. If you use a registered tax agent, they’ll tell you when to file.
BAS due dates can be due quarterly or monthly. You can find the ATO’s due dates on their website.
Lodge Your Returns or BAS
You may lodge your own returns or get a registered tax agent to help you.
Lodge Your Taxes
- You can lodge online with myTax if you’re a sole trader.
- Standard business reporting software is available for partnerships, companies and trusts.
- You can file by paper.
- File with the help of a registered tax agent.
Lodge your BAS
- Online through myGov
- By phone for nil BAS statements
- Through a registered tax agent or BAS agent
- By mail
Pay Your Taxes
You can pay your taxes with BPAY or debit/credit card. Learn how to pay your taxes on the ATO website.