Are you looking to lodge a company tax return?
Well, since you must declare all your income if you are running a business in Australia, you are obligated to.
Nonetheless, you may be eligible to receive some of your money back. In this article, we’ll tell you what you need to know about the how, the when, and the why.
In Australia, you must lodge a tax return if you earn a salary or income from a business. Employers are tasked with deducting taxes every time they pay you, though you still have to lodge your tax returns yourself if:
- You receive additional income such as rent, bank interests, shares, or other forms of payments made to you
- You want to claim back some of the expenses that are related to your work
In some cases, you will be paying more taxes, while in others you will receive some money back. Tax returns typically cover a full financial year, which begins at 1st July and ends in 30th June in the following year. When lodging on your own, the it’s usually due by 31st October.
Is Lodging a Tax Return Necessary For You?
In case you have had some tax taken away from any of the income you have received during the financial year, then you have to lodge your tax returns unless you meet certain conditions for exception.
Which Software is Best For My Business?
The fastest and easiest way to lodge your own returns online is via LodgeiT’s online company tax return solution.
Other ways for lodging your tax returns include:
- The ATO’s myTax solution
- Lodging through a tax agent or accountant
- A tax help program
- Lodging a paper tax return
In case you experience any problems meeting your tax obligation, you can always contact the Australian Tax Office here: https://www.ato.gov.au/
For more info, watch the video playlist below by the ATO.