How to check your ABN income in minutes
How do you check your ABN income? As a small business owner, when it comes to tax time, you are responsible for accurately keeping track of the income your business earned during the financial year. Knowing your income is essential for calculating your tax liability and ensuring you stay compliant with Australian tax laws. Whether you're just starting out or have been in business for a while, we will cover some essential steps and tools to help you check your ABN income in minutes.
For some businesses, keeping track of their income can be very straightforward. A company that sells playing cards on Shopify can log in to check their sales in seconds. It can be trickier for other businesses, as they may have multiple physical stores and accept cash and card payments. In these cases, you often rely on your bank account as the ultimate source of truth.
It's important to know what income you have earned because this information calculates the amount of tax you need to pay. As a sole trader, you must declare your business income on your personal tax return and pay tax on that income at the personal tax rate. As a company, the company will pay tax on the income at the company tax rate of 30%.
There are two simple ways you can check what income your ABN has generated in minutes:
The fastest and easiest way to check your ABN income is to log in to your Thriday account and check your tax profile. Because Thriday issues business bank accounts* and a Visa Debit card*, any income earned is calculated instantly, and your tax position is estimated in real-time. If you are registered for GST, you'll also be able to monitor your income via the Business Activity Statements (BAS) reporting section. Your BAS will show the total amount of income your business has generated, and the amount of GST collected on that income for the nominated period.
You can also check your ABN business income via the ATO website. By logging into your myGov account and linking it to the ATO, you can access your business income information in just a few minutes. You can access your business income information, including your BAS, which will show your income and GST information. You can also view your business tax return and any previous year's returns, showing your income. Unlike Thriday, the ATO data is not real-time and will also display information up to your last lodgment.
ABN Income FAQs
Why should I check my ABN income?
Checking your ABN income is vital for tax purposes, as it helps you ensure that your income is being reported accurately and that you are meeting your tax obligations. It can also help you with financial planning and budgeting for your business.
How can I check my ABN income?
You can check your ABN income by logging into the Australian Taxation Office (ATO) online services portal, which provides access to your tax information, including your income details. You can also request a copy of your income statement from the ATO.
What information do I need to check my ABN income?
You will need your ABN and other personal identification information, such as your tax file number (TFN) and date of birth, to check your ABN income. We wrote about how to find your ABN here.
Can I check the income of other businesses using their ABN?
No, you cannot check the income of other businesses using their ABN. The business owner or authorised representative can only access this confidential information.
What should I do if there is a discrepancy in my ABN income?
If you notice a discrepancy in your ABN income, you should contact the ATO as soon as possible to correct the error. This may involve amending your tax return or providing additional information to the ATO.
Can I check my ABN income for previous financial years?
You can check your ABN income for previous financial years by requesting a copy of your income statement from the ATO.
Is there a fee to check my ABN income?
No, there is no fee to check your ABN income. However, some services provided by the ATO may incur expenses, such as requesting a copy of your income statement in a different format.
What other information can I access through the ATO online services portal?
Through the ATO online services portal, you can access various tax-related information, including your income tax return, tax assessments, payment and refund details, and business activity statements (BAS).
It's essential to regularly check your income information to ensure that everything is accurate and up-to-date and that you're paying the correct amount of taxes. By taking advantage of the tools developed by Thriday or the ATO, confirming your ABN business income can be done in minutes. This information is essential for calculating your tax liability and ensuring that you comply with Australian tax laws. It's important to pay income tax to comply with the tax laws and regulations and to lodge a tax return with the ATO each financial year.