Small Business Tax Returns: Done Right, On Time
Because every business deserves professional help.
Vi Nguyen, CA (ANZ), CPA (USA)
The ATO Knows More Than Ever - Is Your Small Business Playing by the Rules?
Platforms like OnlyFans, Patreon, Uber, DoorDash, HiPages, Airtasker and Airbnb are now likely to report your income directly to the ATO under the Sharing Economy Reporting Regime (SERR). These data matching programs can catch unreported business income.
What does this mean for you?
If you’ve been doing a side-hustle like most people, you may be actually running a business. Not only that, the ATO is likely to know how much you’ve earned from these platforms.
This means that if you’re on these platforms as a content creator, ride-share driver or monetising your property, you could be running a business – and taxes get more complex when you’re running a small business.
It’s important that you include this income, if you are running a business, in your tax return as penalties can be severe.
Additionally, when you are running a business, taxes become more involved. For example:
- Small business deduction rules and benchmarks can trigger audits
- Small business may have certain tax offsets and deductions to consider
- Depending on your income, you might have to start “pre-paying” your tax in instalments throughout the year
- Professional Services Income (PSI) rules can catch business owners off-guard
- Trade Contractors: Electricians, plumbers, builders, landscapers
- Medical & Health: Dentists, practitioners, fitness instructors
- Content Creators: OnlyFans, Patreon, YouTube, Twitch income
- Online Businesses: E-commerce, affiliate marketing, dropshipping
- Sharing Economy: Uber drivers, Airbnb hosts, delivery drivers
- Professional Services: Consultants, coaches, designers, freelancers
- Traditional Retail: Cafes, shops, service businesses
Professional Tax Returns at One Fixed Price - No Surprises, No Hourly Fees
Not sure which tax return type you’ll need? Tax returns below are based on your business structure and level of business activity. Tax returns, where applicable, will include the business schedule.
What’s a Business Schedule? A business schedule is the section of your tax return where you report your business income and expenses. Think of it as your business profit and loss statement that gets attached to your personal tax return.
Important Note: Tax return preparation and lodgement doesn’t include bookkeeping. If your record keeping isn’t well organized and/or you’re unsure about which tax return package you should purchase, get in touch with us.
First Time Getting Professional Help? Useful Money Stuff Accounting Makes It Easy
Convenient Online Tax Returns for Small Businesses Australia-Wide
Useful Money Stuff Accounting delivers tax agent services and while based in Brisbane, QLD, they can service clients Australia-wide including: Victoria (VIC), New South Wales (NSW), Queensland (QLD), Western Australia (WA). They are near you by servicing conveniently online – just a click away.
Here are some common questions you might have when getting professional help:
“How does it work when it’s online?”
It works similarly to face-to-face but Useful Money Stuff Accounting uses technology instead. As a general outline: they’ll verify your identity online first (required for tax agent services), provide an engagement letter and checklist of information they need. Then they’ll prepare your return and contact you if further information is required. Once finalized, they’ll send it for electronic signing, and once they receive your signature, they’ll lodge your return.
“Are accountant fees tax deductible and can I claim last year’s tax agent fees?”
Yes, if the fees are for tax preparation, you can claim them as a deduction (Income Tax Assessment Act 1997 – Section 25-5(1)(a)). But it depends on the timing. You can claim the fees in the year you paid them. For example, if you pay your 2025 tax return fee on 1 October 2025, you claim that payment in your 2026 tax return.
“Is it worth the cost and how much do accountants charge?”
The worth depends on many factors, including potential penalties if you get it wrong through incorrect calculations or missed deadlines. Typically, accountants charge $120-$600 per hour, depending on how long it takes, which varies based on your bookkeeping quality and business complexity. For example, if you have a bank account that you use for personal and business use, that typically adds extra work as your accountant would have to go through and separate out the personal and business money. Keeping your personal and business accounts separate is ideal and makes life simpler.
To get rid of the uncertainty with accounting bills, Useful Money Stuff Accounting has fixed pricing. You know up-front what you’re paying – not afterwards!
“Can I do my own myGov tax return?”
MyGov is great for simple employee taxes with ATO pre-filling. However, small business returns are typically more complex – you’ll likely need to complete a business schedule even as a sole trader. While possible, it becomes much more complicated. If you want to try myGov but need help with specific parts like depreciation or business schedules, feel free to book a consultation.
“Is there a different deadline for tax agents because I think I’m late?”
Yes, tax agents have concessional due dates and usually, these dates are: May instead of October (7 months later) for individuals/trusts and May instead of February (3 months later) for companies. However, you must engage your tax agent before the deadline, usually October, to access these extended deadlines. Extended deadlines aren’t available for everyone – those with non-lodgement history, overdue tax returns and/or unpaid tax debts may not qualify. You can find more information about the ATO Tax Agent Lodgement Program here.
“What if I’ve been doing it wrong, lodging late, and everything else?”
Being proactive is the best approach, along with having a clear pathway to address issues. The principal of Useful Money Stuff Accounting has helped many businesses get back on track after late lodgements and past mistakes. Get in touch to see how they can help.