How do I prepare and file my business tax liability?

Preparing and filing your Australian business tax return involves several steps:

1. Gather your records: Collect all of your financial records, including income and expense records, payroll records, and tax-related documents.
2. Calculate your income and deductions: Use your records to calculate your business income and deductions. This will include calculating your gross income, deducting allowable expenses, and calculating any GST that you have collected and paid.
3. Complete the tax return form: The tax return form you need to use will depend on your business structure and the type of taxes you need to pay.
4. Lodge your tax return: You can lodge your tax return online through the ATO’s Business Portal, or with the help of a registered tax agent.
5. Pay any taxes owed: Once you have completed your tax return, you will need to pay any taxes that are owed. This can be done through the Business Portal or by other methods such as BPAY or Electronic Funds Transfer (EFT).

It’s important to be aware of the due date for lodging your tax return and paying any taxes owed, as late lodgement and payment may incur penalties and interest.

It is recommended to seek professional advice from accountant or a tax agent to ensure that your tax return is accurate and to understand the tax implications of your business income and expenses.