Your company must lodge a tax return yearly, and you may need to lodge business activity statements more regularly. How you lodge your tax will depend mainly on your business structure. Find out your options for paying tax and how to lodge returns.

1. Check The Tax Filing Requirements For The Type Of Business You Have.

Even if you record a loss or fall below the tax threshold, your company must file a tax return each year. Make sure you are aware of the regulations that relate to your business structure before filing your return:

• Sole trader
• Partnership
• Company
• Trust

2. Comprehend Business Activity Statements Requirements

Your BAS allows you to pay and report for certain taxes, including:

• GST (Goods and Services Tax)
• Wine equalisation tax
• Luxury car tax
• PAYG (Pay as you go) withholding
• PAYG(Pay as you go) instalments
• FBT (fringe benefits tax) instalments.

You have several options for submitting your BAS; however, most companies that file their own BAS choose an online solution.

1. Learn When You Need To Lodge By

Tax returns are due by October 31 for the following categories unless you file them through a licenced tax agent:

• Sole traders
• Partnerships
• Trusts

Self-preparers’ company returns are typically due by February 28. A registered tax agent will notify you when your tax return will be filed if you file through them.

1. File Your BAS Or Tax Return

Depending on how complex your taxes and business are, you may lodge your return or get a professional to lodge it for you.

You can file your tax return:

• With a tax agent who is registered.
• With standard business reporting enabled software, if you’re a company, trust or partnership
• by paper.

You can file your BAS

• With the help of a registered tax or BAS agent
• Through phone (for nil BAS statements only)
• Through mail.
• Online ( online services for business, online services in myGov or SBR-enabled software)

If you use a BAS or tax agent, ensure they’re registered with the Tax Practitioners Board (TPB).

Wrapping It Up!

KPG Taxation is a locally owned tax company that proudly offers effective taxation and bookkeeping services to individuals and businesses in Dandenong, Derrimut, Geelong, Craigieburn, Pakenham, Shepparton, Hobart, South Morang, Blacktown, and Melton. Due to our dedication and focus on efficiency, KPG Taxation is able to go above and beyond client expectations. Get in touch with KPG Taxation to know more!