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Every year, all Australian businesses are required to lodge a business tax return.
Of course, each situation is different, and depends on the nature of the business activity carried out, and the structure upon which the business operates.
For example, a business tax return may be lodged for many different types of business, including:
Business tax laws are complex and constantly changing, so it is vital to always be on top of your tax obligations: especially if you want to pay less tax and avoid difficulties with the ATO.
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Even if your business is making a loss, a tax return should still be lodged to offset the loss against future profits.
At Tax Return Perth we understand all business types, thereby ensuring our clients always get maximum rebates and concessions.
Check the requirements for your business type:
Business tax laws can differ depending on the business’s ownership structure and its nature.
There are four main types of business tax returns:
Sole trader tax return:
As a sole trader, you should lodge an individual tax return that adds all business income into a separate schedule of business. Separate tax returns are not required: although some limitations do apply where business losses are offset against your non-business income
Partnership tax return:
In the case of a partnership, the business has a separate tax file number and lodges a separate tax return to the partners involved. However, tax on partnership income is paid by the partners, not by the partnership. Therefore, partnership’s profits should be included in the partners’ individual tax returns. A partnership tax return can be extremely complex with many deductions, and payments made to partners cannot be claimed as deductions by the partnership.
Company tax return:
Because a company has a distinct legal identity it is effectively treated as an ‘artificial person’. Therefore, a company tax return must be lodged separately to the director’s, or any other stakeholder’s return
Trust tax return:
A trust must lodge a tax return separately to its beneficiaries. The trust’s income is then distributed to the beneficiaries and included in their tax returns. All tax paid on trust income is therefore paid by the beneficiaries or in some circumstances, by the trustee.
Different tax concessions are available depending on each business’s structure. For example, not-for-profit organisations may be eligible for special tax concessions.
In Australia, the 31st October is the cut-off date for sole traders, trusts and partnerships when the business tax return Australia is lodged personally.
However, when you use a registered tax agent such as Tax Agent Perth, that due date varies.
In the case of a small company tax return, the due date for lodgment is the 28th February when no registered tax agent is involved. If you have any prior year returns outstanding, the due date will be 31 October.
However, if you consult with Tax Return Perth the due date will be decided by us – thus giving you an increased timeframe to work with.
Reducing your tax bill is contingent on having the right ownership structure to suit your type of business and personal circumstances.
As a small business, you can take advantage of a raft of tax concessions and accelerated deductions to reduce your tax liability through our experienced agents at Tax Return Perth.
Our accountants will not only help you lodge your business tax return, but also advise you on tailor-made tax strategies to help reduce your tax liability.
Help is available for every type of business structure at very affordable prices – and we also provide a free first consult and fixed quotation for all services.