Your guide to tax time

The ATO small business tax time toolkit 2023 is now available. The toolkit includes updated links to useful information, tools, calculators, learning resources and other support and services.

You will also find updated fact sheets on:

• Home-based business expenses – if you’re claiming a deduction for the costs of using your home as a place of business.
• Motor vehicle expenses – if you’re claiming a deduction for motor vehicle expenses for your business.
• Travel expenses – if you’re claiming a deduction for expenses you incur when travelling for your business.
• Digital product expenses – if you’re claiming a deduction for the cost of digital products used in running your business.
• Using a company’s money or assets – if you’re a director or shareholder of a company that operates a small business, and you take money out of your company or use its assets.
• Pausing or permanently closing your business – if you’ve had to pause or permanently close your business.

In addition, there is information for primary producers on:

• Landcare and riparian maintenance – expenses.
• Preventing and preparing for fire emergencies – expenses.
• Tree farming (forestry operations) – income and expenses.

If you have employees, encourage them to check out the ATO occupation-specific guides and common deduction fact sheets. These are useful resources that can assist your employees when they lodge their tax returns.

For more information, visit ato.gov.au/sbtaxtimetoolkit and ato.gov.au/commondeductions