Company Tax Returns in Australia
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Why Do You Need a Professional Accountant for Company Tax Returns?
Each year, companies must report their income, claim deductions, and declare their tax obligations to the Australian Taxation Office (ATO).
Filing accurate company tax returns is more than just a legal requirement for businesses operating in Australia – it’s a key aspect of maintaining financial health and avoiding potentially costly penalties.
Professional accountants can help you avoid the challenges of tax obligations, freeing up business owners to focus on core operations, and they can also identify all eligible deductions, potentially reducing your tax liability.
What’s Included in Our Tax Return Services
Avoid the challenges of dealing with your tax obligations. Our team is ready to assist you with your business tax return. Our services include:
- Prepare and lodge company return
- Depreciating assets correctly
- Calculate tax liability
- Payroll tax regulations
- Prepare financial statements
- Business Tax Deductions
- Fringe benefits tax (FBT)
- GST Compliance
When to Lodge Company Tax Return
Company returns are typically due by February 28th each year. If you lodge your tax return through a registered tax agent, they’ll tell you when they will do so.
If you’re using a tax agent for the first time, you should contact them before October 31st to be part of their lodgment program. Tax returns are due by October 31st each year for:
Importance of Compliance with Australian Tax Laws
Non-compliance can result in hefty fines, damage to your company’s reputation, and potential legal issues. Hence, staying compliant with ATO regulations is key.
POP Business experts ensure your company’s tax compliance aligns with current business tax regulations. We take a proactive approach, identifying potential issues and minimising risks associated with non-compliance, giving you confidence in your company’s tax position.
Why POP Business?
We’re passionate about helping business owners just like you build their dream business. We’ve helped thousands of businesses lodge their company tax returns and gain the financial insights and clarity they need to grow their business.
Contact us today and speak to one of our online company tax return experts to benefit from:
- Expert business tax return services
- Fast and efficient communication
- 24-hour turnaround for overdue returns (urgency fee and conditions apply)
- On-demand business support from an expert accountant
- No hidden costs
- Actionable advice that achieves results
Australian businesses that love our services include:
Jinitech Group
Surfboardbroker
Autism Swim
PS40
Ocean Solar
What Our Customers Say
Whatever your tax needs, our team of experienced POP Business Accountants have got you covered.
Perhaps your small business is behind on your annual tax obligations?
Maybe you’d like to know if there’s other smart ways you can minimise your tax?
Or, it could be you’re looking for expert advice on how to growth-hack your business.
Good news. POP Business are the pros at all three.
Tax shouldn’t have to be so… well, taxing. Drop us a line and you’ll never look back.
Contact POP Business for a Free Consultation
FAQs about Company Tax Returns
A business is required on an annual basis to report the business’s financial position to the Australian Taxation Office (ATO). All business tax returns include the annual income, expenses, balance sheet items, tax offsets, and credits for the business.
Our chartered accountants are experts in business tax returns. Our services are tailored specifically to Sole Traders, Partnerships, Trusts and Companies. Hence, you get the right support and advice needed for your business structure to maximise your return and receive accurate lodgements.
Usually, we can turn it around within 4 weeks; however, faster times are available (urgency fees may apply)
The cost to lodge a business tax return depends on the size and complexity of your business and whether it’s structured as a sole trader, company, partnership or trust. Here at POP Business, our business tax returns start at $1,400 GST, depending on your annual revenue and ensures a compliant, accurate and high quality result
Most of the time, our POP Business Accountants communicate with you via video meetings, emails and phone. You can provide us with user access to your online accounting software so we can get the required business transactions for lodging your company tax return.
There are various expenses of your company that you can claim, generally, they include:
- Operating Expenses: Office supplies, rent, insurance premiums, utilities, depreciation of assets owned by the company, repairs, maintenance and replacement costs
- Travel Expenses: Transport, accommodation, etc.
- Employee Expenses: Salaries and wages, superannuation contributions, training and development.
- Capital Expenses: Purchasing equipment.
Usually, the standard company tax rate is set at around 30%. This rate applies to companies that do not qualify as base rate entities.
If your business is classed as a small business, then the company tax rate is a flat rate of 27.5%.
A small business is defined as having:
Revenue <$25m, and;
>80% of revenue is derived through business trading activities
Companies that don’t meet the above criteria will be taxed at a flat rate of 30%.
Company tax returns are usually due each 28 February; this includes the lodgment of the tax return as well as the payment of tax. To make it clearer, let’s display those details in a table.
Your Tax Agent will always aim to get your company tax return lodged on time, but you’ll need to have your bookwork up to date and submitted well before the due dates.