Company Tax Return.
You don't have to navigate the complexities of business income, company tax, GST, or PAYG instalments alone. Partner with a registered tax agent today to simplify the process. By using the right software and ensuring your tax returns and income tax payments are made by the due date, you'll have more time to dedicate to growing your business. Let us help you keep your tax affairs in order, so you can focus on what truly matters; growing your business.
How Causbrooks can assist you with your Tax Return
At Causbrooks, we recognise the importance of accurate and timely company tax return filing. Our team is dedicated to ensuring that your company tax responsibilities are managed efficiently, offering you both compliance and peace of mind.
Prepare and Lodge Company Tax Returns.
If you lodge your company tax return via a registered tax agent and have kept up to date with your prior year company tax return lodgements, you should be eligible for an extention for lodgement. If you lodge your own tax return, the due date is 31 October, but if you lodge with a registed tax agent, your return won't be due until 15 May the following calendar year.
Quarterly BAS Preparation and Lodgement.
A Business Activity Statement (BAS) is a form used by businesses to report business income and pay tax liabilities to the ATO. A BAS is used to report on the Goods and Services Tax (GST) amount that your business has collected on its sales minus any GST you’ve paid on your purchases, with the net difference being what you are refunded or required to pay to the ATO. Your BAS can also include Pay As You Go (PAYG) withholding and instalments, and other kinds of tax. To learn more about PAYG withholding and instalments, see our article here and to learn more about BAS, see our article here.Bookkeeping.
Prepare Financial Statements.
We take the hassle out of your lodging your company tax return by preparing your company's financial statements, including its Profit and Loss statement and Balance Sheet. These financial reports show the bottom line of your operating expenses, the balance of assets and liabilities as well as the cash flowing in and out of your business.
Dedicated Client Manager Support throughout the Year.
When you partner with Causbrooks as your registered tax agent, we provide you with a tax professional who is an expert at helping small businesses navigate their tax obligations, including preparing and lodging their company tax return. We can help you with everything from deciding which business structure is the right one for you (be it, trust, sole trader, company or partnership) through to preparing and lodging your final company tax return and everything in between.
Bookkeeping
Bookkeeping involves important tasks that help track a business's finances and identify any money-related issues. It's crucial to plan and schedule these tasks regularly, whether weekly or monthly, to stay informed about the company's financial health. In every business, bookkeeping includes several essential tasks: recording all financial transactions, like payments and expenses, keeping accurate records of debits and credits, sending invoices and processing payments on time, creating financial statements, such as the balance sheet, income statement, and cashflow statement, handling everyday banking activities, and managing payroll tasks.
Lodge your returns with Causbrooks
At Causbrooks, we’re dedicated to helping businesses with their taxation and accounting needs. If you’d like to discuss your own situation, please complete the form below.
Our team of dedicated accountants is committed to providing the best possible experience for our clients, and we believe that our combination of longevity and experience in the industry and our commitment to embrace innovation and change make us uniquely qualified to do so.
Keep on Top of your Tax Due Dates.
Keeping up with your tax responsibilities is key for any business owner in Australia to avoid fines and stay compliant. It's important to know when your company tax return is due for hassle-free financial management. Here's what you need to mark on your calendar:
Keep on Top of your Tax Deadlines.
Late Lodgment Consequences.
Depending on your business size—be it a small company, a medium entity, or a large corporation—the penalties for not lodging your company tax return on time can significantly impact your business, such as by making it harder for you to secure business loans. The penalties are calculated in units, with the amount increasing the longer your lodgment is overdue.
Accurate Reporting and Shortfall Charges.
Ensuring the accuracy of the taxable income reported in your company tax return is crucial. Any discrepancies can lead to shortfall interest charges, which are calculated daily. Providing false or misleading information in your tax return can attract severe penalties, calculated based on penalty units. This underscores the importance of maintaining accurate financial records and statements.
General Interest Charge (GIC).
Late payments on your company tax, PAYG instalments, and GST, accrue General Interst Charges (GIC). To avoid accruing a GIC, you need to make your tax payments by the due dates.
To mitigate these risks, consider engaging with a registered tax agent who can offer guidance, ensure compliance with Standard Business Reporting (SBR) requirements, and assist with Business Activity Statements (BAS). Professional tax advice can also provide strategies for tax offsets and deductions, helping to optimise your tax position and potentially reduce your tax liability.
Start Saving on Your Taxes Today!
Penalty-Free Lodgment.
Submitting precise and timely tax documentation is key to dodging those unwanted penalties. To stay on the right side of the tax authorities, you should do the following:
Know your Duties.
Familiarise yourself with important dates for tax submissions and payments.
Ensure Accuracy.
Make sure to report all assessable income and carefully review the information on your tax lodgements to prevent errors. Any inaccuracies or missing information might lead to penalties or closer inspection by the ATO.
Maintain Orderly Records.
Keep a detailed account of all your business dealings, such as revenues, costs, allowable deductions, and proofs of transactions. This will also help you determine your assessable income for your own income tax return when tax lodgement is due.
Seek Expert Advice.
A tax professional can offer invaluable advice to keep your business compliant with the tax authorities and help you benefit from available tax advantages when lodging your company tax return.
About Causbrooks.
Causbrooks is a registered tax agent. At Causbrooks, we’re dedicated to helping businesses with their taxation and accounting needs. If you would like to discuss your situation, please complete the form below.
Disclaimer
Any advice contained in this document is general advice only and does not take into consideration the reader’s personal circumstances. Any reference to the reader’s actual circumstances is coincidental. To avoid making a decision not appropriate to you, the content should not be relied upon or act as a substitute for receiving financial advice suitable to your circumstances.
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!
