Don’t forget to include all your income

Remember, it’s important to include all your income in your income tax return. This includes cash and digital payments, vouchers or coupons, assessable government grants and payments like JobKeeper, personal services income, investment income and bank interest, and income from the sharing economy.

Find out more about business income.

Understanding your business deductions this tax time

You can claim a deduction for most of the costs of running your business. For example, did you know you may be able to claim deductions for expenses related to COVID-19 safety such as hand sanitiser, sneeze or cough guards, other personal protective equipment and cleaning supplies? 

Find out more about the three golden rules on business deductions this tax time.

Small business tax time toolkit

The Australian Taxation Office (ATO) tax time toolkit for small business has fact sheets to help you with:

  • home-based business expenses
  • motor vehicle expenses
  • travel expenses
  • using your company's money or assets
  • pausing or permanently closing your business.

Check out the small business tax time toolkit.

Recording JobKeeper payments at tax time

Did you know that JobKeeper payments are taxable? If you’ve received any JobKeeper payments this financial year, you’ll need to include them in your 2020–21 income tax return. Your accounting method will also affect the total JobKeeper payments that need to be included in your tax return.

Learn more about reporting JobKeeper payments.

Occupation guides to help you at tax time

The ATO is focused on helping employees get their work-related expenses right this tax time. They have 39 occupation specific guides that will help your employees understand what they can and can’t claim this tax time.

Check out the occupation specific guides.

JobKeeper information for sole traders

Are you a sole trader who has received JobKeeper payments for yourself and any eligible employees this financial year? From early July, you’ll be able to access the total amount of JobKeeper payments you’ve received through Online services for business, myTax or your registered tax agent. The amount will be provided as ‘information only’ and will not be mapped to a label. 

Find out more about where to report these payments.

Make record keeping your new financial year goal

What worked well for your record keeping this past financial year? Is there anything you’d like to do better? You can claim the cost of record-keeping software as a deduction, so it could be something to consider before the end of financial year to set yourself up for the year ahead.

Find out more about how to choose suitable record-keeping software.

Check out our essential tasks at end of financial year list.