Whether you use a registered tax agent or lodge your own tax return, here are a few tips to help you get ready for tax time 2017.
Prepare your records Make sure you have all the records ready to send to your tax agent or to prepare your tax return, including:
cash, EFTPOS, credit or debit card, and online sales records
records of the expenses you can claim as a deduction this tax time.
Check if you have personal services income (PSI) If you are paid mainly for your personal efforts, skills or expertise, you may be earning personal services income (PSI) which can affect the deductions you can claim.
Whether you're a sole trader, or using a partnership, trust, or company you still need to consider the PSI rules.
Use the Personal Services Income tool to work out if your income is personal services income and if special tax rules apply. Only claim business expenses Remember the three golden rules for claiming business expenses:
the money must have been spent for the business
it must be related to the business (not a private or domestic expense)
there must be a record to prove it.
Next step: Use our Personal services income tool