You must lodge a tax return every year for your business. It could be also required to lodge business activity statements in a regular manner. It depends upon the structure of your business that how you lodge the tax returns along with the options for tax payments.
The income year of Australia completes on June 30th. O lodge the tax return, you have time from July 1 to October 31, for the previous income year.
In order to lodge the tax return, you may:
- Accomplish the paper tax return form.
- Lodge the tax return online with myTax through myGov (quickest method).
- Take the help of a registered tax agent.
With the help of a registered tax agent, you may even lodge the tax return later than 31st October. In order to arrange this, you must contact your tax agent before 31st October.
WHILE LODGING KEEP YOUR INFORMATION SAFE
To prevent identity crimes, you must keep your personal details and tax file number (TFN) safe. You must follow the following tips to keep your information protected:
- Do not share myGov account details –
- Assure that your tax agent is registered
EXAMINE THE TYPE REQUIREMENTS OF YOUR BUSINESS
Every year your business needs to lodge a tax return, even if you do not meet the threshold or record losses. While lodging the tax return, assure that you are aware of all the rules that apply to the structure of your business:
The partnerships has their own tax file number (TFN), does not pay any income tax on the profits which they earn. Every partner reports the share of partnership income in the tax return. The partnership should lodge different partnership return under own Tax File Number.
You should lodge an individual tax return. Using a separate business schedule, include all the business income on your tax return. For tax return of your business, you do not need to lodge it separately.
The trust has its separate legal TFN and should lodge a trust income tax return. You could be eligible for tax concessions if you are running a non-profit organization.
An organization is a separate legal entity. You should pay taxes on the company’s income. Being a director as well you would be required to lodge your personal return.
ACKNOWLEDGE THE REQUIREMENTS OF BUSINESS ACTIVITY STATEMENTS
ATO will automatically send you the BAS (Business Activity Statement) when you register for GST and ABN. The BAS allows to pay for few taxes that involves:
- Luxurious Car Tax
- PAYG withholding
- PAYG installments
- FBT installments
You have several options for lodging your BAS however most businesses that lodge their own BAS choose an online option.
LOOK FOR WHEN YOU NEED TO LODGE
The tax returns are due by 31st October. However, if you lodge with the assistance of tax agent the date could be extended. These are for
- Sole traders
The company returns for self-preparers are due by February 28. If you intend to lodge with assistance of tax agent, they will inform you. The due dates of BAS are different, these could be quarterly or monthly.
LODGE THE TAX RETURN ON BAS
You can lodge the tax return yourself or can hire any professional to do so for you. You can lodge your BAS:
- By mail
- By phone
- With the assistance of BAS agent or registered agent
- By online services in myGov, the business portal
If you are using any BAS agent then make it sure that they are being registered with Tax Practitioners Board.
PAY THE TAXES
To manage taxes, ATO has a different range of online services and self-service tools. You can pay using debit or credit cards. You can pay on the ATO website. You may also contact ATO for any guidance if you are in worry that you could not pay on time.
SEEK ASSISTANCE FROM REGISTERED TAX AGENTS
If you want to hire a professional bookkeeper service to do your tax return, ensure that you use a registered tax agent. You may also verify if the accountant is registered on the register of a tax practitioner.
Many of the registered agents have specific lodgement schedules. They can also lodge the returns of their clients even after the deadline 31st October.
Reliable Bookkeeping Service provides services to all the clients to lodge the tax returns in an efficient manner.