How to File Income Tax Return for Business
If you are an Australian citizen with your own income, you must file an income tax return every year. It can be a pretty daunting task to do it independently, especially because of the wide scope of mistakes possible. We always think that it’s good to hire a specialist to file your yearly income tax return.
Company Tax Return
An Australian local firm is liable to company tax return at the Australian Government’s rate of 30%. A non-resident firm pays the same tax on its Australian source revenue as a resident corporation. Under some conditions, such as industry or firm structure, taxable income and tax rates may differ.
Business Tax Return
Businesses and investors should evaluate certain taxes to see what applies in their specific situation. Businesses can also save money by paying on time and utilize any tax breaks under which they are eligible. We can help you lodge your business tax, ensuring that it complies with ATO terms.
Tax Return For Small Business
In case you have a small business with annual revenue of less than $10 million, the ATO might well be able to provide you with small business tax discounts. Small or medium businesses are subject to a lower tax rate of 25% for the 2021/22 income year and 26% for the 2020/21 income year.
How to File Taxes for Small Business Owner
Although the tax and reporting responsibilities of sole proprietors and corporations are similar, you should be aware of the major distinctions. Sole proprietors are taxed at the individual tax rate.
What is Required to File Taxes?
We recommend you have these documents required to file an income tax return. You will need your:
- Bank account information
- Income statements or payment summaries from the companies you are working under
- Receipts or statements for the costs you claim as deductibles
- Your partner’s income if you have one
- Health care insurance details
If you’re worried about all the paperwork and the complicated tax filing process for your business, the experienced professionals in Ample Accounting will gladly assist you through it all.
