As the end of the financial year approaches, now is the time to get your business ready for 30 June 2026 deadlines and prepare for changes effective 1 July 2026. Preparing early can save time, ensure you meet your obligations, reduce risk and help your business stay on track.
Tax Time – ATO focus areas for small business
With 30 June 2026 fast approaching, the ATO has released their 2026 Tax Time toolkit for small businesses to help you. The ATO has small business focus areas including:
- not reporting all income (including cash payments)
- mixing business and personal expenses
- incorrect deduction claims
- GST reporting and registration issues
- private use of business assets (for example, vehicles).
To help get your business tax return right, it is important that you keep your records in order. Make sure your records are accurate and up to date, this is essential for meeting your tax, super and employer obligations.
Some common tips:
- Reconcile your bank statements
- Summarise your income and expenses
- Prepare your financial statements
- If your business holds inventory, do a stocktake by 30 June.
You generally need to keep records for at least 5 years after you lodge your tax return. If you don’t already use digital tools or accounting software, consider these for the coming financial year, as they can make record-keeping easier.
Refer to the ATO information aimed at helping small businesses get it right, and contact the ATO if you have questions or need to correct any records.