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What tax support is available for your business?

What tax support is available for your business?

Here are some useful tools and calculators to help you get through business tax time.

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.

Deductions

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:

Need more help?

If you still have any unanswered questions you can ask an accountant or tax adviser, take a look on the ATO website, or contact the ATO using the contact service that best suits your needs:

  • Call the Business Tax Information Line on 13 2866
  • Request for an after-hours call back
  • Live chat about your GST, ABN, AUSkey, payment arrangements or BAS questions.

This article is intended to provide general information of an educational nature only. It does not have regard to the financial situation or needs of any reader and must not be relied upon as financial product advice. You should consider seeking independent financial advice before making any decision based on this information. Taxation considerations are general and based on present taxation laws and may be subject to change. You should seek independent, professional tax advice before making any decision based on this information. Commonwealth Bank of Australia is also not a registered tax (financial) adviser under the Tax Agent Services Act 2009 and you should seek tax advice from a registered tax agent or a registered tax (financial) adviser if you intend to rely on this information to satisfy the liabilities or obligations or claim entitlements that arise, or could arise, under a taxation law.