TaxTime Toolkit Small Business

Assistant Commissioner’s foreword

Welcome to the Small Business Tax Time toolkit for 2021!

While the Australian economy is starting to recover from and adjust to the impacts of COVID-19, we appreciate that it’s still a difficult time for many small business owners who continue to navigate the pandemic. We understand how hard small businesses have had to work to stay afloat and meet their tax and super obligations, and we want to support them so they can continue to do so. We also want to support those small businesses who need extra help to get back on track. We remain committed to working with small businesses through these challenging times.

Small business is the backbone of our economy. They contribute more than $400 billion to the economy annually and provide more than six million jobs. A lot of people have found things tough, and this has been reflected in the interest around the government’s COVID-19 stimulus measures, such as JobKeeper, cash flow boost and early access to super.

This toolkit includes a directory of links to useful information, tools, calculators and services to help small businesses at tax time and throughout the year. There are also fact sheets with tips to help them get their tax returns right.

We know that many small businesses rely on and trust the advice of their tax professional. We encourage tax professionals to share this information with their small business clients, stakeholders, members and networks.

Andrew Watson,

Assistant Commissioner,

Australian Taxation Office

A helpful directory for small businesses this tax time

The ATO has a range of information, tools, calculators and services available to help small businesses at tax time and all year round.

Information

• ATO Tax inVoice podcasts – Tax inVoice is an easy way to keep updated about the latest tax and super information, including episodes on good record keeping and Single Touch Payroll.
• atoTV Business channel – access a wide range of videos that cover tax time information, to watch at a time that best suits you.
• Due dates by topic – find due dates for all of your obligations by topic.
• Income tax return – you need to lodge a tax return if you carried on a business, even if your business has not earnt any income. There’s no threshold for business income, so you need to lodge an income tax return even if you only earn $1. This page also explains how to lodge an income tax return for your business.
• Lodge with a registered tax agent – how to lodge your tax return using a registered tax agent.
• Small business webinars – register and watch to find out about tax and super obligations and entitlements for your business. Topics covered include income tax deductions, concessions for small business and employer obligations.
• Small business workshops – register to attend our face-to-face workshops to help you understand your tax entitlements and obligations.

Stay up to date

• Small business newsroom – get the latest tax news delivered straight into your email inbox.
• Social media – get the latest tax and super information on the go. Follow us to get tax tips and updates, share information and stay informed.

Tools and calculators

• ATO app – download for quick access to handy tools and calculators, and answers to frequently asked questions.
• myDeductions – for sole traders with simple tax affairs, to track your business income, expenses and car trips.
• Other calculators and tools – to help you run your business.
• Small business benchmarks – help compare your businesses performance against similar businesses in your industry.

Help and support

• After-hours call back service – get the help you need, at a time that’s convenient for you. Complete the online form to book a time to talk to us from 6.00pm–8.00pm Monday to Thursday (except public holidays).
• Alex – ask our virtual assistant Alex your questions about tax to help you find the information you need on our website.
• ATO Community – ask your tax and super related questions on the ATO’s online community forum.
• A full list of tools and services, including all of the above, is available at Supporting your small business.