Keep good business records to help you file your returns and as support if you're audited.
A balance date is the last day of an accounting year. Most businesses have a balance date of 31 March.
Types of business income
Business income can cover anything from selling goods online to investing overseas to running a large company. How your income is taxed depends on what kind of income it is.
Types of business expenses
If you're in business, you can claim different types of expenses against your income.
Provisional tax helps you pay your income tax in instalments during the year not in a lump sum at the end of the year.
GST (goods and services tax)
A tax added to the price of most goods and services, including imports. It applies to people who buy and sell goods and services.
You may need to withhold tax on schedular payments, resident withholding tax and non resident withholding tax.