How to Prepare a 2020 Company Tax Return ?

August 10, 2020    Tax Return Perth

To conduct fair operations in his/her organization according to the policies designed by ATO, an individual needs to file the company tax return which showcases genuine reports of taxable income which is calculated from business earning fewer deductions. Filing company tax return is a responsibility which an individual needs to fulfill irrespective of the size of the business. There are some essential instructions that can help the taxpayers to understand the entire process and lodge their taxes correctly according to the policies designed by the ATO. Needless to say that your company’s income differs from your personal, therefore, an individual needs to manage both in maintaining unblemished records to the ATO for presenting true reports.

How To Prepare a Company Tax Return?

There are 2 different ways to lodge the company tax returns

1. Through software (Self)

2. Through the help of a qualified tax return accountant.

Through Software

The online process is tailored to provide secure access to its uses. With the help of software, business owners can save precious time and focus on their core business tasks. The reporting of the business transactions can be made by

     1. ATO Business Portal 

The business portal allows the businesses to connect with ATO and perform a plethora of activities like:-

  •  Lodge of various forms 
  •  Manage the account information and update the business information. 
  • Test and lodge files and reports

    2. Standard Business Reporting

The world is getting online and slowly and steadily we are introducing technology in almost business. The business owners are now for getting dependent upon the software and technology for clearing out the complexity of filing taxes. The traditional process was slow and complicated therefore through the help of SBR software, an individual can prepare and upload records directly to the ATO department from SBR enabled software and perform the company tax filling activities.

Lodge with The Help of A Skilled and Registered Agent. 

A professional tax agent or firm can lodge tax on your behalf. They are specialized professionals who have extensive knowledge and experience of lodging taxes and are entitled to get paid for their services.  There are lots of complexities and paperwork included in the lodging of the tax process which makes it stressful and time-consuming process for many business owners who cannot cope up with the extra load on their shoulders along with other core tasks.  Taking help of an experienced tax return Perth or outsourcing your entire taxation process to a qualified tax accountant perth firm can do wonders than just lodging taxes.

Below you can read about the benefits of hiring a skilled and registered agent.

1. An expert taking care of your taxation means there is no chance of false or incorrect information

2.  The experts can look after multiple ways of tax deductions, which a business owner cannot observe.

3. Outsourcing the tax process can provide extra time to business owners which balances their personal and professional life.

4.  It lets the business owners focus on core business tasks and expansion of the business.

5.  The expert tax agents have knowledge of the dynamic nature of the taxation process, which helps in presenting a clear and fair report to the Australian taxation department.

It is important for business owners to ensure that the tax agents they will hire must be registered with the Tax Practitioners Board as they comply with the code of professional conduct. The above mentioned statements can provide a fair idea of understanding all the rules and regulations for company tax return filing.

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