Filing income tax returns

Businesses and trusts need to file income tax returns at the end of the tax year, so it's important to keep good records.

If you're an operating business you need to attach either a copy of your financial records, or a form that summarises your income and expenses with your completed income tax return. You can deduct a range of business expenses from your income to work out your net profit or loss. However, the cost of fixed assets you'll use for more than a year can't be claimed against your income. Instead, you'll claim depreciation on most fixed assets. Make sure to file your income tax return by the due date, which depends on the end of the accounting year for your business.