At Australian Accountants, we can assist you with all aspects of your business tax return. Whether you are a sole trader or an international entity, we can assist you with your business tax return. All businesses in Australia are required to lodge a business tax return. This includes for any year in which you run a business even if you expect to have no tax liability. In Australia, the Federal income tax for businesses is levied on the taxable income of a business. It is calculated on assessable income less any allowable deductions.
The assessable business income is generally income your business earns and it does not include GST payable on sales you make or GST credits.
The allowable deductions are deductions for certain expenses that you necessarily incur in relation to your business.