Time to gather up all your receipts and group certificates and head to your accountant.

It's important you make the most of what is claimable, you could be saving hundreds of dollars in lost tax refunds. Anything you use within your day to day business operations is potentially claimable including;

* Fitness Equipment used with clientstaxtime.png
* Rental of Facilities or Equipment
* Computer Hardware and Software
* Business phones and internet connections
* MP3 players
* Stationary
* Business uniform
* Outdoor trainers - sun protective materials (ie. hats, sunscreen)
* Car for business trips
* Continuing Education/Professional Development fees (ie. workshops, conferences attended)
* Insurance
* Registration ie. Fitness Australia, Kinect Australia, APA, SMA , ESSA

To keep track of your receipts you may need a very efficient filing system or shoe box. These days a number of business are referring to using their smart phones to keep these records by simply taking a photo of their receipts and using apps to store them. Applications are also assisting business in calculating their possible returns. In you chose to use this method, just make sure you are backing up your phone.

If you have a recently started up a small business it would be encouraged to check out the ATO (Australian Tax Office) Guide to Income and Deductions for Small Buiness

For more information on Depreciating Assets click here.

How much tax do I pay? This depends on marginal tax rates. As a sole trader means you pay the same tax as individual taxpayers. You may well avoid tax altogether if you earn less than the tax-free threshold - currently the first $6000 earned, check out the individual income tax tables.

Are you paying back HECS or HELP debts? Take a look at the this ATO document
For those whom are avoiding the disappointing news that you need to pay then you have until 31st October to lodge your individual return, unless you have a registered accountant do your tax return they can get an extension until April 30th.

This is general information and not from an accounting specialist, thus all the links. Please speak to an accredited accountant for the latest and most accurate information.