Company Tax Returns

Your company or association must file a Company Tax Return every year and you must still send a return even if you make a loss or have no Company Tax to pay. 

What it involves

When you file your tax return, you work out your:

  • Profit or loss for Company Tax (this is different from the profit or loss shown in your annual accounts)
  • Company Tax amount
  • You can either get an accountant to prepare and file your tax return or do it yourself.
  • Company tax returns are generally due by 28 February each year. 
Main advantages to operating as a company
  • Limited liability for each shareholder.
  • It does not cost too much to set up a company.
  • Company tax rate is fixed and can be more favorable than the personal tax rate.
  • Company tax paid becomes franking credits and can be claimed back from ATO in the future.
  • There are no trading location restrictions for the company in Australia.
  • One company can run multiple businesses.
  • The ownership of the company or business can be transferred by transferring shares.
  • Family members can work for the company.
  • Company profit can be used for loan application purposes.
  • Company can provide corporate guarantees for business lending.

What tax return services does TSK Accountants provide for a company?

  • Preparation of a full set of financial reports, including balance sheet, profit and loss statements, notes to financial statements, depreciation reports, tax reconciliation reports, director loan reconciliation reports, Division 7A loan agreements.
  • Preparation and lodgement of company tax returns.
  • Preparation and lodgement of quarterly or monthly Business Activity Statements (BASs).
  • Analyzing the financial information in the company tax return and providing advice on tax planning, cash flow management, business growth strategy and risk management etc.
What cost for completing a company tax return?
  • The costs can vary based on the complexity of the tax return.
  • The costs can be estimated after discussing the requirements in full with you.
  • We can offer you a fixed-price quote for preparing the company tax return.

With a local presence, we’re proud to provide our services to businesses in Hoppers Crossing and surrounding suburbs such as Tarneit, Truganina, Williams Landing, Point Cook, Werribee, Wyndham Vale, and Manor Lakes. We can also assist clients across greater Melbourne with all their accounting needs.

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