• Nathan Ray

Company, Trust and Partnership Tax Returns

Updated: Jun 6

Every Company needs to complete an annual tax return with the ATO. This compliance can be completed by yourself or your register tax agent.

The purpose of the tax return is to reconcile your account with the ATO.

During the year if you have Paid your PAYG then this a tax credit used to offset tax payable that is calculated on the numbers from the tax return. The tax return can show you where the income has been derived and the expenses are condensed as it is just for taxation purposes.

Banks and other lenders will need to see further information like end of year financials. The end of year financials gives a clearer picture on the profitability of your company. It lets you know what liabilities and assets you have.

The Company tax return is to calculate what the profits for the year are worth. Small businesses get to enjoy a lowering tax rate to assist in small business cash flow. Small business depreciation and the accelerated depreciation options are all worked out in the company tax return for the best overall outcome.

Relying only on the company tax return can limit your ability to take opportunities when they arise. If you have multiple businesses within your company this is where the consolidated entity works out the tax payable. This can become tricky with tax law when claiming your assets and expenses. Using a good tax accountant can complete this without hassle.

We understand that not all small businesses need much more than a tax return.

Sub contractors and other micro businesses can survive on just the tax return however the financials are where the details of your small business are.

The company tax return is only the taxable picture. Small business is much more than just the taxes.

If you are a small business needing a company tax return completed get in touch.

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