What Is A Company Tax Return And How To Lodge It?

January 3, 2022    taxreturnperth

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.

Read More:- What Are The Consequences Of Not Lodging Tax Return On Time?

What Are The Company Tax Return Lodgement Options?

If you want to lodge a tax return, you will have the following options. According to your circumstances, you can choose your option.

  • Lodging the tax return online with myTax is a safe, quick, and secure method to prepare and lodge the return.
  • You can hire a registered tax agent in Perth to lodge your tax return. Tax agents enjoy several relaxations, so hiring such a professional can also be beneficial.
  • If you are not comfortable with an online process, you can go for a paper tax return.

Sometimes, special cases emerge, and you may need to respond accordingly.

  • If you are going out of Australia permanently, you will have the option to lodge your tax return pretty early.
  • If it is your first time lodging the tax return, it will be better to take help from a registered tax agent.
  • Suppose you are outside Australia for a genuine reason at the time of lodging your tax return. In that case, you have to make sure that you have updated your myGov account settings. In addition, your Australian bank account must also be operating so that you can receive any refund amounts.
  • If you have an outstanding tax return from a previous year, you must lodge that. In that case, penalties may be applied.
  • When lodging a tax return is not needed, you must submit non-lodgement advice.

What Information Should You Lodge?

Before lodging your company tax return, it will be necessary to have all the following information available.

  • Bank account details, including the account number and the Bank State Branch
  • Income statement from all the employers in your company
  • Payment summaries from Centrelink
  • Income of your spouse, if applicable
  • Statements or receipts for the costs you are claiming as tax deductions
  • Information regarding your private health insurance cover, if applicable

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.

What are The Due Dates for Your Company Tax Return?

Keep in mind the following points regarding the tax return lodgement deadline.

  • If you decide to lodge it on your own, your deadline will be 31 October each year.
  • If this date is a weekend, you must lodge the tax return by the next working day after 31 October.
  • If you hire a tax agent, they will get the opportunity to lodge returns later. However, make sure you have engaged them before 31 October.
  • If the lodgement of the tax return produces a tax bill, you have to pay the amount by 21 November in the same year.

For any difficulty lodging your tax return by the deadline or meeting the tax obligations, you must contact the ATO as soon as possible.

Read More:- Simple Steps To Set Up Self-Managed Super Funds (SMSF)

What If You Fail To Meet The Deadline?

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:

  • Online payment for a total amount of $100000 or less
  • Automated phone service for a total amount of $100000 or less
  • If the amount of debt is more than $100000, you must contact the ATO for a solution.

Get Help From Tax Return Perth

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.

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