January 3, 2022
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.
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?
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.
special cases emerge, and you may need to respond accordingly.
you are going out of Australia permanently, you will have the option
to lodge your tax return pretty early.
it is your first time lodging the tax return, it will be better to
take help from a registered tax agent.
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.
you have an outstanding tax return from a previous year, you must
lodge that. In that case, penalties may be applied.
lodging a tax return is not needed, you must submit non-lodgement
What Information Should You Lodge?
Before lodging your company tax return, it will be necessary to have all the following information available.
account details, including the account number and the Bank State
statement from all the employers in your company
summaries from Centrelink
of your spouse, if applicable
or receipts for the costs you are claiming as tax deductions
regarding your private health insurance cover, if applicable
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
What are The Due Dates for Your Company Tax Return?
in mind the following points regarding the tax return lodgement
you decide to lodge it on your own, your deadline will be 31 October
this date is a weekend, you must lodge the tax return by the next
working day after 31 October.
you hire a tax agent, they will get the opportunity to lodge returns
later. However, make sure you have engaged them before 31 October.
the lodgement of the tax return produces a tax bill, you have to pay
the amount by 21 November in the same year.
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?
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.
may find it challenging to pay before or on 21 November. If it
happens, you can check these payment plans:
payment for a total amount of $100000 or less
phone service for a total amount of $100000 or less
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.