The Australian Taxation Office (ATO) is encouraging all small business owners and sole traders to start preparing for tax time early this year.
✅ According to Assistant Commissioner Angela Allen, the key to a smooth and stress-free tax return is ensuring you have access to ATO online services. This means using myGovID and linking your ABN through the Relationship Authorisation Manager (RAM).
✅ Sole traders can also lodge directly via their myGov account.
🔍 The ATO reminds businesses to:
Declare all income – including non-cash payments like barter or goods-in-kind.
Differentiate between general business losses and non-commercial losses to ensure proper tax treatment.
Keep clear records for any private use of business funds – to avoid issues at lodgement.
🧰 ATO has also launched a helpful Small Business Tax Time Toolkit, packed with guides, calculators and resources on:
– Depreciation
– Prepaid expenses
– Instant asset write-offs
… and more!
💡 Don’t leave it to the last minute. Start now to maximise deductions, avoid mistakes, and reduce stress.
Need help getting your business tax-ready? Reach out – we’re here to support you every step of the way.
#TaxTime2025 #SmallBusinessSupport #ATOTips #TaxReady #SoleTrader #BusinessFinance
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📢 ATO URGES SMALL BUSINESSES TO GET TAX READY NOW!