As a small business owner, filing your tax return each financial year is an essential part of managing your tax compliance obligations. The organizational structure of your business will determine how and when you file your tax return with the Australian Taxation Office (ATO). Here is our guide to filing small business taxes for various business structures.

Sole trader

How do I check in? You only need to submit one individual tax return in Australia if you're a sole proprietor. Both your personal and corporate income will be covered by this. One of the following methods is available for submitting your tax return:

Utilize the ATO myTax website to file your tax return online.through a licensed tax representativeMail a completed paper tax return to the ATO.

When do you lodge? Individual lodging: Each year, your return is due by October 31. Lodge via a licensed tax agent: Registered tax agents follow their lodgement schedules. The deadline for filing your return will be specified by your agent, but you must have registered with an agent by October 31 to know that deadline. In your sole trader tax return, you must complete a separate business and professional items schedule for individuals as a sole proprietor.

Partnership

How do I check in? You must file a partnership tax return in one of the following ways if you operate your firm as a partnership:

Using software that supports SBRthrough a licensed tax representativeMail a completed paper tax return to the ATO.

When do you lodge? You must lodge by yourself. The deadline to file your partnership tax return is October 31. When you lodge through a registered tax agent, they will let you know the deadline. Tax advice: The partnership does not have to pay taxes on its income. A partnership's net income, which is its income less any deductions and expenses, is all that is shown on the tax return for the partnership. Each partner submits an individual tax return and pays tax based on his or her proportionate share of partnership income.

Company

How do I lodge? You must file a corporation tax return in one of the following ways if your business is incorporated:

Using software that supports Standard Business Reporting (SBR)through a licensed tax representativeFill out a paper tax return, then send it to the ATO.

The revenue of a business is distinct from your revenue. To record your income, you must still file an individual tax return even if you are a director of a company (e.g., salary earned from the company). When do you lodge? Place yourself in: The due dates for corporate tax returns vary. The deadline for the majority of business tax returns is February 28. We advise you to look up your exact date on the ATO website. Lodge through a licensed tax agent: They will inform you when you can lodge. Tax tip: If you don’t lodge your previous financial year return on time, your company tax return is due by October 31.

Trust

How do I lodge? The trustee must file a trust tax return in one of three ways if your company is run as a trust:

Using software that supports SBRthrough a licensed tax representativeMail a completed paper tax return to the ATO.

Tax advice: Taxes are often not paid by trusts. A trust's net income, which is its income less any deductions and expenses, is all that is stated in the trust's tax return. Trust beneficiaries receive income from the trust, after which they file their tax returns to pay tax on the trust's revenue. When do you lodge? You must lodge by youself. By October 31st, you must file your trust tax return. Lodge through a licensed tax agent: They will notify you when you can lodge. For more information and small business tax return in Perth, visit our end-of-year hub.

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