The income tax obligations of a business

In running a business you need to account for income tax on your profits and the expenses or deductions you may claim against your income.

Sole traders

A sole trader is a person trading on their own.

Partnerships

In a partnership, two or more people run a business together.

Companies

A company is a formal and legal entity in its own right, separate from its shareholders with its own unique tax obligations.

Non-profit organisations

A non-profit organisation is any society, association or organisation that is not carried on for the profit or gain of any member, and has rules that do not allow money, property or any other benefits to be distributed to any of its members.

Trusts and trustees

In general the initial amount of money you put into a trust is not taxed, although you may need to pay gift duty. Find out more here about taxing trusts and trustees.

Budgeting for tax payments

Like all other business expenses, you have to budget for the tax payments you are required to make.

Types of income tax returns

Learn here the type of income tax returns you can use depending on the type of business you have.

Filing your income tax return at the end of the tax year

Learn about the kinds of income tax return that must be filed at the end of the tax year based on how the business is operated, due dates for tax returns and what to do if a person has difficulties in paying income tax

Date published: 24 Nov 2004

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