ITP Qld
Business
Small Business Tax

Small Business Tax

As Business Tax Professionals we know how best to manage all your taxable business activity including: Income Tax for Business, Fuel tax Credits, GST, PAYG Withholding, PAYG Instalments, Payroll Tax, Cash flow estimations, On-time lodgements and assisting in remission of any ATO imposed penalties.

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Record Keeping
All-Year Support
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Benefits of Preparing with a Professional

ITP can check return status, organise Payment Arrangements with the ATO and contact you when ATO deadlines are approaching
Provide advice on what records you should be keeping
All customers are backed by our Satisfaction Guarantee that your return and our service is 100% to your liking.
All Year Support and ATO representation
The latest tax knowledge for every industry and circumstances
Special Professional Privileges like extensions with the ATO
Multiple ways to lodge with ITP: In-Office, Virtual, Phone or Online
Sharing best practices to keep you more organised and (ATO) audit free
Online resources such as ITP’s Receipt Capturing APP, Tax Calculator, Blogs and Social Media (Facebook, Instagram, TikTok, LinkedIn, X)
Free LiveChat on our website
Australian Owned and Operated, supporting Queenslander’s just like you!

Lodging Your Business Tax Return

ITP will lodge all your obligations on time, as long as they have all the necessary documentation prior to the due date.

Documents to Provide:

  • Bank statements
  • Credit card statements
  • Invoice books
  • Receipts
  • Electronic records – QuickBooks, MYOB etc
  • Payroll records

Next Steps After Lodgement

Once ITP Qld has lodged your return, you can expect:

  • For ATO to process it can take 14 to 30 days, longer if required
  • Notice of Assessment will show refund or payable amount
  • Payables, will have payment details shown on NOA
  • Paying the ATO online can take up to 4 days for them to receive
  • ATO issue Statement of Account letters
  • All year Support
  • Important Dates: For an individual, the deadline for completing a tax return is generally the 31st of October. However, if this will not give enough time to get your records sorted, you may be entitled to an extension if you prepare with ITP prior to the end of October.

Frequently Asked Questions

How can ITP Queensland assist small businesses with their tax obligations?
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ITP Queensland specialises in providing tailored tax services for small businesses, including BAS lodgment, tax planning, compliance advice, and maximizing eligible deductions. Our experienced professionals can help navigate complex tax laws, minimise risks, and optimize tax outcomes for your business.
What are the benefits of outsourcing bookkeeping to Bookkeeping.Solutions through ITP Queensland?
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Outsourcing bookkeeping to Bookkeeping.Solutions via ITP Queensland allows businesses to focus on core operations while benefiting from professional financial management. It reduces administrative burdens, enhances financial transparency, and supports informed decision-making.
What tax deductions can small businesses claim?
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Small businesses can claim deductions for a wide range of expenses incurred in running their business, such as wages, rent, utilities, insurance, professional fees, marketing expenses, and depreciation of business assets. It's important to ensure expenses are directly related to earning assessable income and are supported by appropriate documentation.
What are the tax implications of different business structures (e.g., sole trader, partnership, company)?
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The tax implications vary depending on the business structure chosen. Sole traders report business income and expenses on their personal tax return, while partnerships and companies have separate tax obligations. Each structure has its own considerations regarding tax rates, deductions, and compliance requirements.
What records should small businesses keep for tax purposes?
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Small businesses should keep detailed records of income, expenses, and other transactions related to their business activities. This includes invoices, receipts, bank statements, payroll records, and records of asset purchases and sales. Good record-keeping ensures accurate tax reporting and compliance with ATO requirements.
How can I minimize tax for my small business?
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There are several strategies to minimise tax for small businesses, such as claiming eligible deductions for business expenses, utilizing depreciation on business assets, managing timing of income and expenses, and taking advantage of small business tax concessions offered by the ATO.