Far North Tax Professionals

Small business tax returns and fees

If I run a small business do I have to file a small business tax return?

If you are operating as a sole trader, then you do not have to file a separate tax return. You simply include
your business income in an individual tax return. If you have earnings from employment or from investment
as well as a business, all your income is added together. You are taxed on the total, but will get a credit for any
PAYE or other taxes paid in advance.

But before you can complete a return including your business income you first need to arrive at your business
profit. This is where we can help. We will prepare financial statements for the business to show your profit.
These statements will show a deduction for all legitimate business expenses.

If your small business is operating as a company, you will need to file a company tax return.

If I’ve run my small business at a loss do I need to file a return?

Yes you do. You must file a return whether you make a profit or a loss. If you have other income, say from
employment or from investment, your business loss is set-off against your other income.

In fact declaring a loss can put you in an advantageous position. If you have other income, it reduces the
TOTAL income. And if you have paid PAYE or other tax in advance you may get a refund.

How much does a small business tax return cost?

The cost of a small business tax returns varies depending on the amount of activity and the way you have kept
your records. If you are a contractor or commission agent, working under a single contract, then we charge a
standard fee of $260.

But every small business is different and there are lots of variations. With our experience we have devised a
price chart which takes into account a number of factors, including business structure, turnover and number of
employees. For a service provider, our fees begin at $360 and for a retailer or trader $460.

We are happy to give you a fixed price for an agreed assignment – please refer to FEES.

All prices mentioned here are subject to GST.