N
How TMS Financials can help
N
Lodge your Company Tax Return with TMS Financials
N
Penalties to avoid

At TMS Financials, we understand the challenges you face with business income and tax obligations, such as company tax, GST, and PAYG instalments. Our team of accountants is ready to streamline your tax processes. By leveraging top-tier tax software and ensuring all your tax returns and payments are submitted on time, we free up your time so you can focus more on growing your business.

We handle everything from your company tax returns to your Goods and Services Tax (GST) obligations and Capital Gains Tax (CGT). Our commitment is to maintain your financial records with accuracy and to optimise your tax position, making sure you benefit from all available tax offsets and incentives. With TMS Financials, you’re not just meeting deadlines; you’re making smart decisions that foster business growth.

How TMS Financials Can Help with your Company Tax Return

At TMS Financials, we recognise the critical need for precise and prompt lodgement of your company tax return. Our team is dedicated to managing your company’s tax obligations effectively, ensuring compliance and giving you peace of mind. Here’s how TMS Financials can assist you with the lodgment of your company tax return:

Efficiently Manage and Lodge Your Company Tax Returns

At TMS Financials, we handle your company tax returns to ensure you meet tax obligations on time. Working with a registered tax agent ensures your company complies with tax laws. If your taxes are up-to-date, we could extend your lodgement due date from 31 October to 15 May the next year, helping you manage your business with less stress.

Quarterly BAS Preparation and Lodgement Services

We also manage your quarterly Business Activity Statements (BAS), essential for keeping up with Australian Taxation Office (ATO) requirements. This covers handling Goods and Services Tax (GST), Pay As You Go (PAYG) withholdings, and other tax liabilities. By maintaining organised records and timely submissions, we help you keep a clear tax position and comfortably meet all your tax deadlines. For more information on managing your tax duties, check out our detailed guides on our website.

Streamlined Preparation of Financial Statements

Our team is ready to assist you in preparing accurate financial statements that reflect your business’s financial health. We handle everything from your Profit and Loss statements to your Balance Sheet. These documents are crucial for understanding your business income, taxable income, and assessing your tax payable or refundable amounts.

Year-Round Client Manager Support

Choosing TMS Financials as your registered tax agent provides support from a dedicated professional experienced in helping small businesses. Your client manager will guide you from selecting the right business structure to preparing and lodging your tax returns. We offer comprehensive support for all your tax planning and compliance needs throughout the year, making tax management straightforward and stress-free so you can focus on growing your business.

Lodge your Company Tax Return with TMS Financials

Our team at TMS Financials specialises in providing personalised tax solutions tailored to your unique situation. We can help you navigate through the complexities of tax planning, identify the most effective strategies for your situation, and ensure you maximise your tax savings.

We’re an Australian tax accounting firm with 30+ years of experience serving business owners and investors. Our reputation for reliability and exceptional client service is built on providing accurate financial advice and asset protection. We remain committed to serving our clients with integrity, professionalism, and quality, and have the expertise to help you succeed.

TMS Financials is online now

We are a Sydney based tax accounting firm servicing clients Australia wide online since 1993

Eng Sivieng

Principal of TMS Financials

We strive to build long-term relationships with our clients and to be a trusted advisor for all their financial needs.

Key Lodgment Due Dates for Company Tax Returns in Australia

Navigating the nuances of Australia’s trust tax laws can be difficult, but we’re here to guide you. Our expert tax accounting firm has in-depth knowledge of the key dates for Australian trust tax return lodgment:

Stay Ahead of Your Tax Deadlines

It’s essential for every business owner in Australia to manage their tax responsibilities diligently to avoid penalties and ensure compliance. Knowing the due dates for your company tax return is crucial to ensure compliance. To help you stay organised, here’s a list of key deadlines you need to mark on your calendar:

ATO Penalties and Interest Charges

Late Lodgment Consequences

Timely lodgment of your company tax return is critical to avoid penalties, which vary based on the size of your business—whether it’s a small company, a medium entity, or a large corporation. Late lodgment can lead to significant penalties that not only increase with the length of the delay, but can also affect your ability to secure business loans. These penalties are calculated in penalty units, with each unit representing a specific monetary amount.

Accurate Reporting and Shortfall Charges

Accuracy in reporting taxable income on your company tax return is vital. Any inaccuracies can result in shortfall interest charges, which are calculated daily. Severe penalties apply if you provide false or misleading information, with the fines based on the number of penalty units. This highlights the necessity of keeping precise financial records and statements to avoid potential financial repercussions.

General Interest Charge (GIC)

If payments for company tax, PAYG instalments, and GST are not made by the due dates, a General Interest Charge (GIC) accrues on the outstanding amounts. To prevent these additional costs, it’s crucial to adhere to all payment deadlines.

Ensure Penalty-Free Tax Lodgment

Submitting accurate and timely tax documentation is crucial to avoid penalties and maintain good standing with tax authorities. To ensure you stay compliant, consider the following steps:

Know Your Duties

First, familiarise yourself with the important dates for submitting tax returns and making payments. Staying aware of these deadlines is essential for timely compliance.

Maintain Orderly Records

Keep comprehensive records of all your business transactions, including revenues, expenses, allowable deductions, and proof of transactions. These details not only support your claims, but also help you accurately determine your assessable income for tax purposes.

Ensure Accuracy

Accuracy in your tax lodgements is non-negotiable. Ensure all assessable income is reported and thoroughly review your tax returns to avoid any errors. Inaccuracies or omissions can trigger penalties or invite further scrutiny from the Australian Taxation Office (ATO). Following these guidelines will help you manage your tax obligations smoothly and avoid unnecessary penalties.

Disclaimer

The information provided in this article is for general guidance purposes only and should not be considered as personalised tax advice. It is recommended to consult with a qualified tax professional to assess your specific situation and determine the most suitable tax planning strategies for your needs. 

Contact us today for a consultation.

Contact us today to learn more about how our accounting services can benefit your business. We look forward to hearing from you and helping you achieve financial success!

Lodge your returns now
Step 1 of 3