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Hi Steve.

Advice pertaining to completion of company and trust income tax returns is probably beyond the scope of what most qualified members will share here. There are simply too many variables and too many things that can be missed. Whilst it may seem simple to you, unless you are well versed in the requirements of the various Tax Acts and Corporations Act then I would strongly encourage you to engage an accountant to handle this for you. There are affordable solutions out there (like Mr Tax) that a tailored to your requirements.

Just a heads up for you as well. In most cases now, when an individual applies for a loan of any type (or even the company) the banks will run an ASIC search on that individual to see if they are currently listed as a director of any companies (its a quick search). So if you apply for a home loan and they run a search on you then your company will come up and the bank will ask for accountant prepared financial statements and an accountant prepared (and lodged) company income tax return. In absence of that being available they will generally ask you to get a letter from an accountant confirming that your company is solvent and is not in financial distress (even though the company is not party to the loan). I can tell you then very few accountants will prepare and sign these letters without knowledge of the client because the risk is too high (the bank is shifting liability to the accountant). So generally what ends up happening is the individual has to get an accountant to reconstruct some financial reports from limited data (not easy) on an urgent basis. This tends to happen at an inopportune time and is not cheap. We see this issue quite regularly. Something to be aware of if you are considering self lodging.