It can be tempting to use your previous tax return as a template for this year, but this can be risky given tax rules typically change almost every year.
Here are some areas that you might need to consider that may have changed in the past 12 months.
Make sure you’re across the latest deductions you’re entitled to claim.
- You can find detailed information about deductions on the Australian Tax Office (ATO) website.
Income tax rates
The tax rate you’ll pay on your business profits will depend on your business structure and the tax rate for that financial year. You should check the Australian Taxation Office (ATO) website for the latest information.
Tax withholding, super and payroll tax
If you hire employees or contractors, you can use online calculators and tools to work out the correct amounts you need to collect and pay:
- Tax withheld calculators
- Super guarantee contributions calculator
- Payroll tax thresholds and rates – each State and Territory has different thresholds.