30 June has come and gone, again, and that means one thing for small businesses and sole traders across Tasmania: tax time is officially on the final dash to the finish.
Whether you’re a seasoned business owner or just starting out, Hills Accounting is the Tax Accountant Hobart trusts to help you stay organised and avoid headaches when the ATO comes knocking.
Good records and a few smart moves now can save you a heap of stress (and money) down the line. Here are five ATO-backed tips to help you keep things running smoothly this year:
✅ 1. Keep Your Records in Order
Good record-keeping is the backbone of a stress-free tax season. It’s not just about saving receipts — it’s about proving your income, expenses, and any claims you make. The ATO has some golden rules for what to keep and for how long.
👉 Check out the ATO’s business record-keeping tips here.
✅ 2. Separate Business and Personal Expenses
This is one the ATO sees all the time — using the business account for personal stuff (or vice versa). Mixing these up can create headaches when it’s time to claim deductions.
A simple fix? Use separate bank accounts and keep clear records of any personal use of business assets.
✅ 3. Be Clear on What You Can (and Can’t) Claim
Don’t guess! The ATO is cracking down on dodgy deductions — and honest mistakes can still cost you. Know what you’re entitled to claim, and when in doubt, get advice.
✅ 4. Declare All Your Income
This includes every sale — yes, even the odd cash-in-hand job. The ATO uses data matching more than ever these days, so trying to hide income is not worth the risk.
✅ 5. Get Your Info to Your Accountant Early
Your tax agent or BAS agent can do wonders for your return — but only if you give them everything they need, on time! Save yourself the last-minute scramble.
👉 The ATO’s small business newsroom has handy reminders too.
Need a Hand? Let’s Get You Sorted.
At Hills Accounting Hobart, we know that tax time can feel overwhelming — but it doesn’t have to be. If you need a reliable Tax Accountant Hobart, we’re here to keep the ATO happy and your business on track. Let’s get you sorted so you can focus on what you do best.
📞 Reach out today — and tick ‘tax stress’ off your to-do list.
Remember, this article is general in nature and doesn’t take into account your specific objectives, financial situation, or needs. For advice tailored to your circumstances, have a chat with us at Hills Accounting Hobart.
Talk to Kathy and the team today and stay ahead with Hills Insights.
Call Now! 03 6273 7800, or email admin@hillsaccounting.com.au.