All companies incorporated in Australia are subject Tax unless relief is available and allowed according to the ATO Rulings. The first thing you must do is to register your company with the Australian Taxation Office (ATO), apply for a company name and register for Australian Business number, tax, GST and PAYG withholding as required.
It is important and beneficial to pre-estimate or calculate how much profit your company makes for each accounting period in order to budget the estimated amount of tax payable at the relevant company tax rate, as your company will be liable company tax at the end of each financial year. The information on a company tax return, records of accounts and figures must be reported and submitted to ATO. Late penalties such as penalty interest for late filing of return is applied, and therefore it is vital so have all documentations ready and submitted within deadline from the company's annual financial date.
Tax Ideas Accountants & Advisers are here to help you with the preparation of company tax return and estimation, and there may be times when you disagree with the feedback assessment of your tax from the ATO, we can also help you to reach any decisions about your tax affairs.
Call (02) 8318 1545