When a business owner decides to lodge their own tax return, they should consider the following general points:

1. Determine the need to lodge: : Ascertain whether the business is required to lodge a tax return for the relevant income year. This is obligatory for most businesses that operate within Australia, regardless of whether they have made a profit or incurred a loss.

2. Understand the due dates: For self-prepared lodgments, the due date is typically 31 October. Engaging a registered tax agent for lodgment often affords businesses an extended due date, but businesses must engage the services of a tax agent before 31 October to benefit from this extension.

3. Choose the method of lodgment: Business owners can lodge their tax returns through various methods, including using myTax for sole traders, SBR-enabled software for companies, trusts, or partnerships, or by paper.

4. Gather all relevant information: Before lodging the tax return, ensure that all necessary financial records, including income, deductions, and tax credits, are accurate and complete.

5. Reporting accurately: Make sure to report all assessable income while understanding what income to include and exclude. Claim legitimate business deductions and ensure that you have apportioned expenses correctly where they have both a business and private use component.

6. Keep good records: Maintaining proper and complete records is essential, as it helps to substantiate claims made in the tax return. Records must be kept for at least five years.

7.  Calculate the correct amounts: Ensure accurate calculation of income, deductions and the tax owing or refund due. Utilize the correct rates and thresholds where applicable.

8. Review the return: Double-check the tax return for accuracy before lodging. Even if using a tax agent, the business owner is ultimately responsible for the correctness of the information in the return.

9. Lodge on time: Ensure that the tax return is lodged prior to the due date to avoid any late lodgment penalties.

10. Understand obligations: Acknowledge the business owner’s responsibility for what’s reported in the tax return, even if assistance is used to prepare it.

11. Plan for liabilities: If a tax bill is expected, plan beforehand to meet the payment deadline and avoid incurring interest charges and penalties.

12. Know your entitlements: Understand the various concessions, offsets, and reliefs available to businesses to optimize the tax position.

13. Seek help if needed: If in doubt, contact the ATO or consult a tax professional. Eligible business owners may also consider the ATO’s Tax Help program for free assistance.

14. Consider changes in law: Keep abreast of any tax law changes that may affect the business tax return for that income year.

15. Use available resources: Utilize the tools and calculators provided by the ATO, such as the ‘Fuel tax credit calculator’, to simplify the calculation of complex items like fuel tax credits.