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According to the Australian Taxation Office (ATO) regulations, all companies that have done business in the financial year must file a company tax return. Even if no profit is made, the company has to file a tax return if it incurs any costs. If you own a company that has operated in the previous financial year, you have to lodge your tax return. There are several ways to do it.
You can either lodge it online using myTax or choose to make a paper tax return or hire a registered tax agent. The lodgement must be done within a proper deadline, and thus, as the owner of your business, you must be very cautious about it to avoid any risk. This blog discusses various details you must keep in mind regarding lodging a tax return for your company.
If you want to lodge a tax return, you will have the following options. According to your circumstances, you can choose your option.
Sometimes, special cases emerge, and you may need to respond accordingly.
Before lodging your company tax return, it will be necessary to have all the following information available.
As the ATO will pre-fill most information when you apply online, it will be a good idea to lodge your tax return using myTax. However, for an online lodgement, make sure you have linked your myGov account to the ATO. Another point to note here is that required information may change each year, and thus, it is mandatory to check the information before lodging.
Keep in mind the following points regarding the tax return lodgement deadline.
For any difficulty lodging your tax return by the deadline or meeting the tax obligations, you must contact the ATO as soon as possible.
If you fail to lodge the tax return within the due date, you must lodge it as soon as possible. Moreover, if you think your tax return will result in a tax bill, it will not be a good idea to delay further. The deadline for completing the payment is 21 November, even in the case of a late lodgement.
You may find it challenging to pay before or on 21 November. If it happens, you can check these payment plans:
Tax Return Perth has served its customers over a considerable period. Whatever option you choose, you can ask them for help. If required, they can assign you their best tax accountant Perth to guide you to lodge the tax return following the correct procedure.