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Filing Company Tax Return: A guide for Small Business

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Company Tax Return


Company tax is a complex subject. It requires the expertise of both an accountant and a bookkeeper. You need accurate accounting records to support your tax returns. Unfortunately, there are no professionals in Australia who can do your company tax return for you. If you do not want to pay for their services, here are some tips on how to prepare a company tax return in Australia.

What You Need to Know About Individual Tax Returns
What You Need to Know About Individual Tax Returns

Hiring an accountant to do your company tax return in Australia is a good option. In fact, most business owners prefer this service to comply with the complicated and time-consuming procedures involved in preparing the return. Accountants have professional accounting skills and can handle all the calculations automatically. They can also help you in assessing your annual business income and other financial matters that a layman may not be able to do.

How Company Charges for Company Tax Return?


There are several companies that offer their services to prepare company tax returns for an affordable fee. However, many accountants charge an hourly rate. For small businesses, it is best to prepare the tax return on your own. You can save money by doing the work yourself rather than hiring the services of a professional accountant.

How to File Company Tax Returns?


Step 1

First, you should create company tax returns on your own. This is much easier than you think. There are many tutorials available online. You just have to enter the required information and the software will process it for you automatically. You should get a tutorial on how to prepare company tax returns after purchasing QuickBooks Professional.

Step 2

The next step is to register your business. The Australian Financial Services Authority (AFSA) has regulations that must be followed in order to register a business. If you have not registered your business, you are required to do so by the end of this financial year (assuming that you did not receive an invitation to participate in an overseas affiliate program). After you register your company, you are required to fill out the company tax return and send it to the Australian Bureau of Statistics.

Step 3

The next step to prepare company tax law is to obtain the records from the bureau. You need these records to check the years of ownership of the company. The records will also show the number of directors and shareholders. If you have any other details such as the business address or its shares, you should write them down as well.

Step 4

After getting the records from the bureau, you should now lodge the company tax return. To lodge it electronically, you can use QuickBooks Professional. To lodge the individual tax returns, you should use the IRS website. However, you will still need to attach a copy of the company tax returns.

Step 5

When you lodge a company tax return, it is important to remember that it should be received by the bureau within 90 days. Once receipt, the document needs to be lodged and stored with them. Filing attachments and vouchers are not permitted unless they are accompanied by a SSS number. Also, note that attachments to attachments are only permitted within three months after they are received by the bureau.


Company tax return lodging fees are not only meant for taxpayers in Australia. Anyone can lodge a company tax return. Companies and individuals that do not owe money or do not owe interest are also eligible for this service. Rates vary depending on the location, so it is best to inquire first.

Required Documents for Tax Preparation


If you are paying an accountant to prepare your company tax return for you, he or she may include the required documents in the package when you lodge the paperwork. Note that the schedule of allowances and tax payments are only provided to the person who prepared the company tax return. Thus, if you are preparing the tax papers yourself, then you must personally ensure that you include all necessary documents.

The company tax return can only be filed during one financial year. The first tax year for which you are allowed to lodge a submission is the Financial Year. After this, any subsequent financial year can be filed anytime. If you wish to lodge the schedules later, you have to file the paperwork in the concerned office prior to the end of the financial year. The schedules cannot be filed before this time because there are some adjustments needed based on the end of the financial year.

But Why Yous Should Not Prepare Your Tax Return?

There are a lot of good reasons not to prepare a company tax return yourself. As it is a complex issue and small mistakes may bring hazardously to your business. At least you can hire an affordable tax return company in Australia. For small businesses, You can contact Ambition Accounting.


Why Ambition Accounting?


  • Highly Professionals
  • Years of experience
  • Best experts at accounting & taxation
  • #1 Accounting consultant
  • Cost-Effective
  • Well known and reputed taxation company


Aside from the location and the financial year, there is also a fixed deadline for filing the company tax return. Most companies provide online services where people can easily lodge their documents. You just have to enter the appropriate information and then the company will process your documents for processing. If you are not sure whether you have to lodge the schedules electronically or by mail, then you can always ask for the help of a certified public accountant. He or she will be able to give you the right advice.

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