Home topics finance tax-accounting-bookkeeping Source: Allef Viniscus on Unsplash Accounting Tax, Accounting and Bookkeeping Accounting Tax time: Here’s how to do it right Yajush Gupta June 21, 2022 It’s getting close to the end of the fiscal year, which can only mean one thing: it’s almost time to file your tax return. And we’re here with more information to assist you and your business in every way we can. While most businesses may use a registered tax professional to file their tax returns, we know that some people (particularly sole traders) prefer to do it themselves. So, if you try it yourself, we recommend checking out the ATO guide to assist you. The Australian Taxation Office (ATO) has released a small business tax time toolkit to assist small businesses and tax advisors in correctly completing their income tax returns. ATO Assistant Commissioner Andrew Watson reminded small businesses to include all income , including earnings from ‘side hustles’. “Almost half of the 1.9 million sole traders also have non-business income, like salary and wages or income from investments, so make sure to double-check you’ve included it all before you lodge. Don’t fall into the trap of leaving out non-business income thinking we won’t notice.” “Small businesses should include all income in their income tax return, including cash, coupons, EFTPOS, online, credit or debit card transactions, and income from platforms such as PayPal, WeChat or Alipay.” What to include in your business’s assessable income Include the following in your assessable income calculation: