Everything That You Should Know About Your Company Tax Return

1. Everything That You Should Know About Your Company Tax Return A Company Tax Return (CTR) is a NAT form, which business owners fill with the requisite details to deposit taxes to the Australia Taxation Office (ATO) at the end of a financial year. Business owners do themselves or hire a tax agent for the execution of their tax return filing. How to complete a company tax return You can file your CTR online with the ATO. While filing your tax, you need to submit all the relevant documents along the NAT form with specific number. For filing your tax online, you should register your company with the Australia Taxation Office and get a user ID with password. You can engage your

2. accountant to file tax return on your behalf if you feel hesitation while filing the return yourself. What information should you produce? In filing your business tax return, you have to provide all the requisite information. Here are the things/information pieces you should provide: •Statuary accounts A set of statuary accounts typically comprises of income statement (profit and loss account), financial position statement (balance sheet), notes, and directors’ reports. •Corporate tax computation (calculation) Taxable profits and profits per the accounts are usually different figure. Businesses include certain figures in the profits for account purposes, but exclude the same for corporate tax purposes. •Company tax return You have to submit the details about your company, calculation of the due tax, details of any claimed company allowances, and details of any claimed losses. The right time to file your business tax return As per the ATO, there are different deadlines for paying the company tax return. You need to file your tax within a period of 12 months for an accounting period it relates. For electronic payment, you have nine months in a financial year. You must pay it a day after the end of an accounting period. For instance, your company’s financial year end on 31 December 2020. You need to pay your tax by 1 October 2021. In practice, business owners file these things together. Timely filing your business tax saves you from the ATO penalties. What to do if your company tax return is wrong?

3. You can make the required changes within a period of 12 months of the date on which you filed your tax return. The Australia Taxation Office may charge you penalties for the mistakes you have made in your tax return. Respective accountants will carry out a compliance check to ensure which information is correct and what need improvement. Conclusion Filing company tax return is a complex task. Any mistake can lead you to face penalties from the Australia Taxation Office. Therefore, you need to be very careful and execute each associated work efficiently. You need to determine what you should include and what you should not include. Whatever you include or claim, you need to back it to prove that your offered information is correct. A highly experienced and skilled accountant can do this job efficiently, and you must take him/her support when you find filing tax return is getting hard for you.