Company Tax Return

  • Minimise Your Tax Liability
  • Expert Tax Agents
  • Avoid late Payment Penalty

As a business owner in Australia, you need to understand the importance of filing accurate tax returns, including your company tax return. The Australian Taxation Office (ATO) requires all companies that earn business income to report their income and pay the required company tax. The due date for lodging a final company tax return is typically the 28th of February each year, and failure to lodge by the due date can result in penalties and interest charges.

In addition to company tax, businesses may also need to pay goods and services tax, payg withholding, fringe benefit tax, and TPAR. To ensure compliance with tax laws and regulations, it’s essential to seek the guidance of a registered tax agent or Business Actividty Statement agent, use Standard Business Reporting enabled software for reporting, and lodge your tax returns on time.

Do I Need To Lodge A Company Tax Return?

Yes, for service based and trading businesses in Australia, filing the Company Tax Return is more than just a rule; it’s a vital step towards prosperity. Discover the key reasons why timely tax lodgment is crucial for your company’s success.

Service Based Business

If you operate a service-based company in Australia, the requirement to lodge a company tax return depends on your company’s annual turnover and tax liabilities.

Earn taxable income from providing services and other business activities.
If GST-registered, you must lodge regular BAS with GST information
If you have employees or pay contractors with tax withheld

Trading Based Business

For a trading-based business company in Australia, similar criteria apply regarding the need to lodge a company tax return.

Earn taxable income from buying and selling goods.

If GST-registered, you must lodge regular BAS with GST information
If you have employees or pay contractors with tax withheld

Key taxes to report in a Company Tax Return

When completing a company tax return for an Australian business entity, it’s crucial to have a clear understanding of the essential taxes that need to be documented. Ensuring the precise reporting of these taxes allows company administrators to uphold adherence to the tax regulations stipulated by the Australian government.

Income Tax

Companies are required to report their taxable income, which includes income earned from various sources such as sales, services, investments, and capital gains.

Goods and Services Tax (GST)

Companies need to report their GST obligations, which involves providing information on sales, purchases, and GST credits. GST is a value-added tax levied on most goods and services consumed in Australia.

Fringe Benefits Tax (FBT)

If a company provides fringe benefits to its employees or associates, such as company cars or entertainment expenses, they must report and pay FBT.

Payroll Tax

If a company’s total Australian wages exceed a certain threshold, they may be liable to pay payroll tax. This tax is levied by state and territory governments, and companies need to report and pay it separately.

Capital Gains Tax (CGT)

If a company has disposed of any assets, such as shares or property, and generated a capital gain or loss, they must report it in the tax return. CGT calculations involve determining the cost base, proceeds, and applicable exemptions or concessions.

Company Tax Return Due Date

As a business owner in Australia, staying on top of your tax obligations is essential to maintain compliance and avoid potential penalties. Understanding the deadlines for filing company tax returns is crucial for smooth financial management. TMS Financials offers expert accounting services to ensure your company meets its tax obligations promptly. Here are the key due dates you need to know:

Key Lodgment Due Dates for Company Tax Returns in Australia

Navigating Australia’s trust tax return lodgment is complex, but our expert firm is here to guide you. With in-depth knowledge of key dates, we’ll ensure a smooth process. Trust us for a stress-free company tax return experience.

Company Income Tax Payment Dates in Australia

Efficiently managing your company tax return in Australia is crucial for a smooth and stress-free financial journey. To facilitate your understanding and ensure you meet your obligations, we have outlined the essential payment due dates based on the timing of your lodgment:
Partner with TMS Financials today and experience personalised accounting services that cater to your unique business needs. Let us handle your company’s tax matters while you concentrate on achieving your business goals. Contact us now to learn more about our TMS Financials accounting services in Australia.

Do I need a tax agent for Company Tax Return Lodgement?

When it comes to fulfilling tax obligations, businesses can greatly benefit from the expertise and guidance of a tax agent. A tax agent is a qualified professional who specialises in tax laws and regulations, providing valuable assistance in preparing and lodging company income tax returns.

Yes, an Australian Tax Agent Can Optimise Deductions under Australian Company Tax Laws

At TMS Financials, our experienced CPA professionals are well-versed in maximising deductions under Australian company tax laws. As part of our comprehensive service, we scrutinise every detail of your company’s financial activities. Through this process, we identify all available tax deduction opportunities specific to your situation, potentially saving you a significant amount on your annual tax bill. With our expertise, you can rest assured that your company’s financial operations are compliant and cost-effective.

Yes, Engaging an Australian Tax Agent Allows for Extended Lodgement Deadlines

TMS Financials is not only about ensuring accuracy but also about offering you convenience and flexibility. When you engage us as your tax agent, you benefit from extended lodgement deadlines. This means you have more time to prepare, review, and submit your trust tax returns, reducing the rush and stress often associated with the tax period. Trust us to handle your tax lodgement – we have the knowledge, experience, and commitment to meet your specific needs.

Ensure a seamless Company Tax Return process

Schedule A Consultation With TMS Financials Now.

Late-Lodgement And Non-Lodgement ATO Penalties

In Australia, the due dates for lodging company tax returns vary depending on the company’s reporting period. It’s essential for businesses to be aware of these deadlines to ensure timely compliance with their tax obligations. The due dates for company tax returns are as follows:

Failure to Lodge (FTL)

Small entities: 1 penalty unit for every 28 days overdue, up to 5 units. Medium entities: 2x penalty unit. Large entities: 5x penalty unit.

False Or Misleading Statements

Potential penalties ranges from 20 to 60 Penalty units. Cost per penalty unit is $313.



Shortfall Interest Charge

If you don’t pay the correct amount, you may be penalised with an annual rate of 6.90% and a daily rate of 0.01890411%



General Interest Charge (GIC)

Daily interest accrues on unpaid taxes, including penalties and interest charges. The rate is updated quarterly and is generally higher than standard interest rates.


Tips on how to Avoid Australian Taxation Office (ATO) Penalties

Avoiding penalties from the Australian Taxation Office (ATO) can be a major concern for businesses. It is important to file accurate and timely tax returns to avoid costly penalties. Here are some tips to help you avoid ATO penalties:

Understand Your Obligations

Learn the due dates for lodging tax returns, making payments, and providing accurate information.



Keep Organised Records

Maintain accurate and up-to-date records of your company’s financial transactions, including income, expenses, deductions, and receipts.



Provide Accurate Information

Double-check all the details provided in your tax returns to ensure accuracy. Mistakes, omissions, or inconsistencies can trigger penalties or ATO scrutiny.



Seek Professional Guidance

Benefit from their guidance to ensure compliance and maximise tax benefits.


Remember, it’s always advisable for you to consult with a qualified tax professional who can provide personalized advice based on your specific circumstances. They can help navigate the complexities of Australian tax laws and ensure compliance with company tax obligations.

Next Step

Ready to streamline your company tax return process and receive professional assistance? Contact us today to get started. Our team is dedicated to providing exceptional service and tailored solutions to meet your specific tax needs.

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