With CommBank data showing most small business tax refunds are processed in the first quarter of a financial year, here are some tax tips for business owners on staying financially fit and scam aware.
Key facts:
- New CommBank data shows on average, small business owners received a tax return of around $5,000 for financial year 2024.
- The number of refunds processed between July and September in 2024 are 75 per cent higher than the average number processed in the prior three quarters.
- Mining contractors, electricians, plumbers, manufacturers, small agribusinesses, and wholesale traders can expect to get the highest tax returns this year.
According to the data, based on funds deposited into small business customer accounts by the Australian Tax Office (ATO), states with the highest average tax refunds are ACT and Queensland ($5,700), followed by Victoria ($5,300), NSW ($4,900) and WA ($4,800).
Interestingly, electricians and plumbing businesses top the list for average tax returns in NSW and TAS, mining contractors unsurprisingly for WA, and education and communication services for VIC, while small agriculture businesses top the average tax return in Queensland.
Mixed emotions as tax time rolls around
Drew Campbell, co-founder of boutique travel company Reveling – Nestled on the Gold Coast, Reveling is redefining luxury travel with a focus on immersive, small-group and private experiences across Australia and Africa. Co-founded by a team of passionate adventurers, the company is powered by a growing collective of guides, hosts, artisans, and creatives who share a love for meaningful connection through travel.
“There’s nothing more rewarding than seeing people connect deeply with nature and community,” said Drew Campbell, co-founder of Reveling.
Since its inception, Reveling has carved out a niche in the high-end travel space, offering curated experiences that blend authenticity with elegance. But behind the scenes of dreamy destinations and bespoke itineraries lies the reality of running a small business – especially during tax time.
“Honestly, it’s a bit of both stress and excitement,” Mr Campbell admits.
“It’s a good checkpoint to assess how we’re tracking and tidy up any loose