New figures indicate small business owners are anxious about tax time.
A massive 91% of new small business owners have very little understanding of their annual tax obligations, while 84 per cent are unsure of the things they can claim as a business expense. This was revealed by the American Express Tax Time Survey.
According to Jason Fryer, head of small business services at American Express, understanding GST and the consequences of making a mistake cause a lot of worry amongst small business owners.
“Setting up your own business can be like jumping into the unknown. Our Tax Time Survey shows that completing the business tax return for the first time is often fraught with anxiety,” he said.