Simple preparation steps ensure your tax refund arrives in quarter one rather than getting stuck in the year-end processing rush.
The numbers tell a compelling story. While most Australians drag their feet until the October deadline, savvy small business owners are already celebrating their tax returns – and for good reason. New CommBank data reveals the average small business tax refund hit around $5,000 for the 2024 financial year, with three-quarters of all refunds processed in just the first quarter.
But behind these impressive figures lies a more complex reality of modern business ownership, where tax time has evolved from a dreaded annual chore into a strategic checkpoint – and unfortunately, a prime hunting ground for scammers.
The early bird advantage
The data paints a clear picture of who’s winning at tax time. Mining contractors, electricians, plumbers, manufacturers, small agribusinesses, and wholesale traders are leading the pack with the highest returns. Geography matters too: ACT and Queensland businesses are averaging $5,700 refunds, while NSW sits at $4,900 and WA at $4,800.
For Drew Campbell, co-founder of Gold Coast luxury travel company Reveling, tax time represents both opportunity and challenge. His boutique business, which crafts immersive travel experiences across Australia and Africa, has learned to navigate the seasonal pressures that define small business ownership.
“There’s nothing more rewarding than seeing people connect deeply with nature and community,” Campbell explains, describing his company’s mission. But when conversation turns to tax season, his tone shifts to something more pragmatic.
“Honestly, it’s a bit of both stress and excitement,” he admits. “It’s a good checkpoint to assess how we’re tracking and tidy up any loose ends, but it can also feel like a crunch period – especially if things aren’t perfectly organised or if ATO payments are due. That can be heavy for small businesses.”
Campbell’s approach reflects a broader trend among successful small business owners: treating tax preparation as year-round discipline rather than annual panic. His strategy centers on building robust systems that function beyond the traditional tax season timeline.
“We lean heavily on good systems, regular bookkeeping, and trusted advisors – and try not to leave things to the last minute,” he says. “Having clarity on the financials all year round makes tax time a lot less daunting.”
This philosophy aligns with Commonwealth Bank’s guidance for small businesses navigating an increasingly complex financial landscape. Rebecca Warren, Executive General Manager of Small Business Banking at CBA, recognizes the unique pressures facing business owners during this critical period.
“We know tax time can be both a relief and a stress point for small business owners,” Warren observes. “While many are looking forward to a refund, it’s also a time when cash flow pressures, ATO debt and scam risks can weigh heavily, not to mention the everyday stresses of running a business while navigating economic uncertainty.”
The scammer’s playground
Warren’s mention of scam risks isn’t casual commentary – it reflects a growing threat that peaks during tax season. As business owners juggle returns, inventory planning, and preparation for upcoming events like Father’s Day, their divided attention creates perfect conditions for fraud.
“Small business owners are juggling even more responsibilities this quarter, which means this is a good time for scammers to target people who simply don’t have time to stop, check and reject payment requests that may seem out of place,” Warren warns.
The timing is particularly insidious. Just as businesses are expecting legitimate communications from the ATO and preparing for their busiest trading periods, criminals ramp up their impersonation tactics, using fake emails, texts, and phone calls to steal personal information or money.
Four pillars of financial fitness
CommBank’s recommendations for navigating tax season successfully center on four core strategies that extend well beyond mere compliance:
Separate business and personal finances – a fundamental practice that simplifies expense tracking and tax preparation while providing clearer business insights.
Digitise receipts and records – leveraging accounting software or apps to reduce paperwork, improve accuracy, and maintain real-time visibility of key metrics including revenue, expenses, cash flow, and profit.
Review deductions carefully – understanding allowable claims while seeking professional advice when uncertainty arises.
Plan for the year ahead – using current returns to forecast future obligations and build strategic budgets, including setting aside funds for next year’s tax responsibilities.
The support network response
Recognizing these mounting pressures, CommBank is launching targeted initiatives to help small businesses navigate both tax obligations and security threats. Starting this month, the bank will roll out in-branch seminars called ‘Achieving More in Business,’ specifically designed to educate small businesses about emerging scam trends and protection strategies.
The initiative extends beyond traditional banking services. Australian small businesses can access Cyber Wardens, a free online course developed through partnership between the Council of Small Business Organisations of Australia, CommBank, and Telstra, aimed at upskilling business owners and staff on cyber safety.
For businesses struggling with ATO debt, Warren emphasizes that support systems exist. The Australian Banking Association has collaborated with professional accounting bodies and the ATO to create resources helping small business customers navigate repayment challenges, including guidance on when and how to contact their bank for assistance.
“Small businesses are the backbone of our economy, and they need more support than ever,” Warren states. “We’re committed to helping them navigate tax time and beyond, not just with banking solutions, but with tools, insights and personalised support.”
The data underlying these insights spans two years of ATO tax refund transactions from small business banking customers, defined as businesses with turnover under $10 million and total credit outstanding under $3 million. This scope captures the diverse ecosystem of Australian small business, from Campbell’s boutique travel company to the electricians and miners topping the refund charts.
As Australia’s small business sector continues adapting to economic uncertainty, tax season has become more than an annual obligation – it’s evolved into a critical business health check, strategic planning opportunity, and unfortunately, a security vulnerability that requires constant vigilance.
The message for business owners is clear: those who embrace systematic approaches, stay security-conscious, and leverage available support networks are best positioned to turn tax time from survival challenge into competitive advantage.
About the data: Based on ATO tax refund transaction data on small business banking customer accounts analyzed between July 2023 and June 2025.
Keep up to date with our stories on LinkedIn, Twitter, Facebook and Instagram.
