Each fiscal year, no matter the profit earned, all businesses must file a tax return with the Australian Taxation Office (ATO). As a business owner, you must file a tax return if you own a business that operated in the previous year. Today, there is more than one way to accomplish this task.
For example, you can file it electronically via MyTax, on paper, or through a licensed tax agency. Because the file must be completed within a certain time frame, you, as the business owner, must proceed with considerable caution.
Read on to discover everything about lodging your company tax return.
Options for Filing myTax Return
A tax return can be filed in a myriad of ways. Depending on your circumstances, you may choose an alternative.
- Online: It is safe, simple, and secure to use myTax to create and submit your tax return online.
- Tax Agent: Licensed tax agents have a wide range of interests, which may make hiring one advantageous. If this is your first time filing taxes, you should seek advice from a certified tax agent.
- Paper: If you don’t feel comfortable filing electronically, you can do so on paper. It is possible that exceptional circumstances will emerge, in which case you must respond accordingly.
- Advanced Filing: You may file your tax return early if you are leaving Australia permanently.
- Abroad Filing: Assume you are filing your tax return for a legitimate cause while abroad. In that scenario, you’ll need to make modifications to your myGov account settings. In order to receive any returns, your Australian bank account must be active.
Note that any previously unfiled tax returns must be filed. Otherwise, sanctions could be imposed. Meanwhile, non-lodgement counsel is required when no tax return is required.
Details to Provide
Prior to completing your corporate tax return, you will need the following information:
- Account number and bank’s state branch
- Statements of Earnings for All Employees
- Centrelink payment summaries
- Income from your spouse
- Expense or receipt statements for tax deductions
- Information of private health insurance
Because the ATO fills up the majority of the information for you when you apply online, you should file your tax return through myTax. You must first link your myGov account to the ATO in order to file your tax return online. Furthermore, the needed information fluctuates from year to year, so double-check before booking.
Deadlines for Your Company’s Tax Return
When it comes to the tax return filing deadline, keep the following points in mind:
- The deadline for filing it on your own is 31 October each year.
- If the 31st of October falls on a weekend, you must file by the next working day.
- If you hire a tax preparer, they will be given the option to file returns at a later date. You must, however, recruit them by October 31.
- If you receive a tax bill after filing your return, you must pay it by November 21 of the following year.
- If you are having trouble filing your tax return or paying your tax obligations, please contact the ATO right away.
Note that sometimes it’s not all about raking in revenue and increasing your profit. A part of your company’s success is fulfilling your responsibilities and adhering to laws. This way, your company can function at its fullest without worries. As you file your company tax returns properly and timely, you’ll reach success without undercutting the necessary steps.
Are you in need of a professional accountant in Australia? SMB Accounting is here to manage your small business’ finances, and more. Work with us today!