How to lodge a business tax return

Lodging a business tax return is a crucial part of running a compliant and successful business in Australia, helping you avoid penalties and giving you a clearer picture of your business’s financial health. If you're new to business tax returns (or need a refresher), this article covers all the need-to-know information, from key dates to crucial documentation and lodgement methods.

Before we dive in, a quick reminder: in Australia, there's no income threshold for businesses. This means you need to lodge a business tax return regardless of how much you earned—even if it was one single dollar.

Consider your business structure

How and when you should lodge your tax return will depend on your business structure [1]:

Sole trader

As a sole trader, you report your business income and expenses in your personal tax return—not a separate business one. The sole trader tax rates are the same individual rates that apply to all Australian residents, and the return due date is October 31 (unless you're working with a registered tax agent, in which case you may be eligible for an extended deadline).

Partnership

In a partnership, each member must report their share of the partnership earnings in their own individual tax return. This means that the business itself doesn’t pay tax—although you'll still need to file a partnership tax return to show how the income was distributed. The due date is typically October 31, unless you're lodging through a tax agent.

Trust

If your business operates as a trust, you need to lodge a trust tax return. Similar to partnerships, the trust itself doesn't pay tax, but the beneficiaries do, based on their share of the trust's income. A trust distribution statement (or statement of distribution) outlines these amounts. The due date is typically October 31 if self-lodging—otherwise, later dates may apply.

Company 

If your business is set up as a company, you need to lodge a company tax return. Companies pay tax on their profits at the corporate tax rate, which as of 2025 is either 25% for base rate entities or 30% for other companies [2]. For reference, a base rate entity is one with an aggregated turnover of less than $50 million and no more than 80% of its income from passive sources [2]. 

Company returns are generally due by February 28 of the following year if lodging through a tax agent but may be earlier for those self-lodging.

Prepare all relevant documents

A big part of tax filing is paperwork. Depending on your business structure, you may need specific financial records to ensure accuracy and compliance. Typically, you'll need to prepare:

• Income records, including sales statements, bank statements, and invoices issued to customers
• Expense records, including receipts for purchases, credit card statements, travel expenses, and home office expenses
• Employee and contractor records, including PAYG summaries, super contributions, and wages paid
• Asset and depreciation records, including purchase documents for business equipment and depreciation schedules
• Business activity statements (BAS)
• GST (collected and paid)
• Finance records, including loan agreements and leasing documents

This may seem like a lot, which is why our number one tip is to stay on top of your paperwork throughout the year—rather than waiting until EOFY. Staying in regular contact with your tax accountant can make things easier, or if you're after a more affordable solution, an accounting software tool can help you stay organised.

3 ways to lodge your tax return

There are three main ways to file a business tax return in Australia: digitally, through a tax agent, or via paper [3].

Online

Submitting your tax return online is a convenient way to meet your obligations, particularly for small businesses with simple tax affairs. If you're a sole trader, you'll need to have a myGov account and link it to the ATO [4]. On the other hand, if you're a company, trust, or partnership, you can use Standard Business Reporting (SBR)-enabled software [5].

This approach is fast, secure, and free for sole traders, and the access to pre-filled information means you're less likely to make mistakes. Plus, you can easily track your return's progress. However, you do need to be confident preparing your own return without expert, personalised advice. 

Tax agent

Lodging through a tax agent may be a more suitable approach if you're a business owner with complex finances and/or limited time for tax prepping. Not only do you get access to tailored advice, but you also have a greater chance of maximising your deductions and may be eligible for extended lodgement deadlines.

On the flip side, you will need to pay for this service, and you need to register with your agent before October 31 to access any extended deadlines.

Paper 

While digital lodgement has become the norm, the ATO still accepts paper tax returns—which may be best for those without internet access or with very simple tax affairs. To do so, you'll need to call the ATO to request a paper form and then mail it back using the pre-addressed envelope provided with the tax return instructions [6].

Keep in mind, though, that processing times tend to be a lot slower (up to 50 business days), and there is an increased risk of tax return mistakes, particularly if your business has multiple income sources or employees [6].

EOFY is more than just a tax deadline. It's an opportunity to level up your small business. If you want to do so without draining your cash flow, Valiant offers a wide range of financing solutions to suit your needs. Simply get in touch with a lending expert and we'll handle your loan approval so you can focus on what matters—your business.

Keen to learn more about how to prepare for tax season as a business owner? Download our EOFY guide for all our expert tips.

References

1. https://www.ato.gov.au/businesses-and-organisations/preparing-lodging-and-paying/reports-and-returns/income-tax-return 
2. https://www.ato.gov.au/tax-rates-and-codes/company-tax-rates/tax-rates-2024-25 
3. https://www.ato.gov.au/other-languages/information-in-other-languages/business/lodging-a-tax-return-for-your-business 
4. https://www.ato.gov.au/individuals-and-families/your-tax-return/how-to-lodge-your-tax-return/lodge-your-tax-return-online-with-mytax 
5. https://softwaredevelopers.ato.gov.au/sbr 
6. https://www.ato.gov.au/individuals-and-families/your-tax-return/how-to-lodge-your-tax-return/lodge-a-paper-tax-return