1. What is a Company Tax Return?

Simply put, it's your company's yearly report to the ATO (Australian Taxation Office). It shows your income, costs, and how much tax your company needs to pay. Unlike a sole trader, your company's tax is separate from your personal tax.

It helps figure out your company's tax bill, which is usually 25% or 30%, depending on your business size.

2. Why Get It Right? (It's More Than Just Tax!)

Getting your Company Tax Return perfect is super important for a few reasons:

1. Avoid ATO Fines: The ATO is strict with companies. Mistakes or being late can lead to big penalties and fines.
2. Save on Tax: A good return means you claim every tax deduction your company is allowed. This lowers your taxable income and means less tax for your business to pay. Don't miss out!
3. Looks Good to Banks: An accurate return shows lenders (like banks) and investors that your company is well-managed and financially sound.
4. Plan for Next Year: Your current return gives you key info to plan your finances and tax strategy for the year ahead.
5. Lower Tax Rates: Smaller, eligible companies can get a lower tax rate. We'll make sure your return shows if you qualify.

3. What You Need for Your Company Tax Return

To make your Company Tax Return smooth, focus on these key things:

• Good Records: This is number one! Keep clear records of all your company's income and expenses. This means invoices, receipts, bank statements, and staff pay info. Bookkeeping done right all year makes EOFY simple.
• All Income: Make sure every dollar your company earned is counted. This includes sales, fees, interest, and even money from selling company assets.
• Claiming Costs: Don't forget your tax deductions! Common ones include:
  • Rent, electricity, phone, internet
  • Staff wages and super
  • Car costs (with a logbook)
  • Buying assets (like the instant asset write-off for items under $20,000)
  • Accountant's fees (yes, our fees are deductible!)
  • Insurance and advertising
• GST & BAS: If your company is registered for GST, make sure all your BAS statements were lodged correctly.
• Staff Pay: If you have employees, double-check that all PAYG withholding (tax from wages) was sent to the ATO and superannuation was paid on time.
• Company Sales (CGT): If your company sold any major assets, like property or shares, there might be Capital Gains Tax (CGT) to report.

4. Your Secret Weapon: Tax Savers for Your Company

Dealing with company tax can be tricky, especially with rules always changing. That's why having experts like Tax Savers on your side is a huge advantage.

As your dedicated Melbourne tax accountants, we do more than just file your return:

• Expert Help: We know the latest ATO rules and tax laws inside out. We make sure your return is correct and avoids issues.
• Find Your Savings: We dig deep to find every legal tax deduction and opportunity to lower your company's tax bill.
• Smart Business Advice: We help you understand your company's money picture, so you can make smarter choices for its future.
• One-Stop Shop: Need bookkeeping services? Or help with business registration? We offer complete accounting services to support your company.
• Local Melbourne Team: We understand the unique challenges and opportunities for businesses right here in our city.

Don't let your Company Tax Return cause stress. Let Tax Savers turn it into a powerful tool for your company's success.

5. Ready to get your Company Tax Return accurate, compliant, and optimised?

Contact Tax Savers today at taxsavers.com.au or give us a call. Let's build a stronger financial foundation for your Melbourne company!