Business Income
Understanding the different sources of revenue generated through the business.
- Trading income
- Service income
- Business receipts
- Other business-related income
- Income recorded through accounting systems
Business Tax
Business tax support that keeps the bigger picture in view.
Running a business brings tax, reporting and record-keeping responsibilities alongside the everyday work of serving customers and growing the business. Finance in Life provides practical support to help you understand and manage those responsibilities more clearly.
Tax and accounting support for Australian businesses
Business & Tax
Business tax is connected to how the business actually operates.
Business tax is not isolated from the rest of your accounting. The quality of your records, the way transactions are captured, your registrations and the structure through which you operate can all affect the information needed at tax time.
Finance in Life can help bring those pieces together so that business income, expenses, reporting and related obligations can be considered in a more organised way.
Business Tax Support
Support across the areas that can shape your business tax position.
The areas relevant to your business will depend on how you operate, your registrations, your transactions and the type of business activity involved.
Good business tax work starts with understanding the numbers behind the business.
Records, income, expenses and reporting obligations all contribute to the tax picture. Keeping those pieces connected can make both compliance and decision-making easier to manage.
01
Business Income Tax
Support with business income, expenses and information
relevant to business tax reporting.
02
Sole Trader Tax
Tax support where business activity forms part of an
individual's overall tax position.
03
Company Tax
Accounting and tax support relevant to companies
and their business activities.
04
Business Deductions
Review of business expenses and the records available
to support relevant claims.
05
GST & BAS Connections
Consideration of how GST reporting and BAS activity
connect with the wider accounting picture.
06
Record & Accounting Review
Helping organise the accounting information needed
before business tax matters can be worked through.
Who We Help
Business tax support for different stages of business.
Business tax needs can look very different depending on how established the business is, how it is structured and the amount of financial activity involved.
01
Sole Traders
Individuals operating their own business or independent activity.
02
Small Businesses
Businesses managing tax alongside day-to-day accounting responsibilities.
03
Companies
Incorporated businesses with company accounting and tax requirements.
04
Startups
New businesses putting accounting and tax foundations in place.
05
Growing Businesses
Businesses whose reporting and accounting needs are becoming more complex.
What May Need Attention
Business tax involves more than one figure at the end of the year.
These are examples of areas that may need to be considered depending on the business and its circumstances.
Business Expenses
Business costs need to be considered in light of the activity involved and the records available.
- Operating expenses
- Business equipment and assets
- Professional expenses
- Vehicle and travel costs where relevant
- Other business-related costs
GST, BAS & PAYG
Business tax often connects with other reporting and payment obligations throughout the year.
- GST reporting
- Business Activity Statements
- PAYG-related obligations
- Payroll information where relevant
- Accounting records supporting reporting
Records & Reconciliation
Reliable records make it easier to understand what the business has earned, spent and reported.
- Income and expense records
- Bank reconciliations
- Accounting software records
- Invoices and receipts
- Supporting financial information
Connected Business Support
Tax works better when the accounting behind it is organised.
Business tax can connect directly with bookkeeping, BAS, payroll, GST registration and wider business decisions. Finance in Life offers related services where the business needs support beyond the tax return itself.
How It Works
A practical process for working through business tax.
The exact work required depends on the business, but keeping the process organised helps identify what needs attention and what information may still be required.
01
Tell us about the business
Provide an overview of the business, its activity and the tax or accounting support you are looking for.
02
Bring the records together
Relevant accounting information and business records can then be reviewed and organised.
03
Review the tax position
Business income, expenses and related reporting areas are considered in light of the information available.
04
Keep the next steps clear
Where ongoing bookkeeping, BAS or other accounting support is useful, the next stage can be identified.
Business Tax FAQs
Common questions about business tax and accounting.
Relevant records can include information supporting business income and expenses, invoices, receipts, bank records, accounting records and other documents connected with the business activity. The records needed will depend on the business and the transaction involved.
Whether a business expense can be claimed depends on the nature of the cost, how it relates to the business activity and the supporting information available. Different expenses can also be treated differently for tax purposes.
BAS reporting and annual business tax use information generated through the business accounting records. Keeping those records accurate and consistent can make it easier to understand what has already been reported and what is relevant at tax time.
Sole trader business activity forms part of the individual's tax affairs rather than operating in exactly the same way as a separate company. The relevant business income and expenses still need to be identified and considered appropriately.
Yes. Finance in Life has a separate Bookkeeping, BAS & Payroll service for businesses that need ongoing accounting support in addition to business tax assistance.
General Information
Information on this page is general in nature. Business tax outcomes and obligations can depend on business structure, registrations, transactions, applicable tax rules, supporting records and the particular circumstances of the business.
Talk About Your Business
Need help making sense of your business tax position?
Contact Finance in Life and tell us a little about your business, the accounting information you have and what you need help with.