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  • #1063983
    Ms_X
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    And one more question I would like to ask is what is the difference between “company tax return” form and “H/Company Tax Return” . First form has 12 pages and the 2-nd has 36? Url of the 2-nd form is here: http://www.ato.gov.au/content/downloads/bus00287808nat73004062011.pdf

    #1063984
    Ms_X
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    Ms_X, post: 93179 wrote:
    And one more question I would like to ask is what is the difference between “company tax return” form and “H/Company Tax Return” . First form has 12 pages and the 2-nd has 36? Url of the 2-nd form is here: http://www.ato.gov.au/content/downloads/bus00287808nat73004062011.pdf
    ok, I have found the answer to this question, so I do not need it, this form is for wealthy induvidual tax returns…
    #1063985
    Ms_X
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    I have just finished filling my company’s Tax Return Declaration and would like to ask how shall I go with the Declarations part of it, where the tax agent suppose to sign?Do I sign anywhere or do I live it blank? What is public Officer’s declaration?

    Thank you in advance:-)

    #1063986
    Ms_X
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    And hello again, I guess I have just found to my question. I will sign Tax Return as Public Officer. The problem is, when I registered a company, I had no idea about registration of Public Officer:-(And it is written that ATO must be notified within 3 months since registration of a company or deriving income in AU. This year my company made a loss. IF I send a ‘Notice of appointment of public officer” to ATO together with my Tax Return, would it be a problem?Did anyone faced such situation?:-(Will be thankfull for all replies.

    #1063987
    MyGreatIdea
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    Congratulations on finishing !!

    I’d be interested to know though, firstly, how many hours in total did it take you? Secondly, if you had the time over again, would you still do it yourself, or would you pay your accountant instead?

    Wendy :)

    #1063988
    Noble Accounting
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    Sure, you can easily lodge the company tax return by yourself.
    You have two options, the paper company tax return available from a post office or online using an SBR service provider.

    The paper option will require you to manually complete all the fields in the tax form and you’ll then need to post the form to the address noted on the form.

    A better option in my opinion is to use an online web form.
    This option is particularly useful if you maintain a computerised set of accounts that will allow you to generate a profit & loss and balance sheet report.
    These reports form the basis of the information you’ll require in order to complete all the sections of your company tax return.

    By using an online service you should be able to simply import your profit/loss and balance sheet reports in order to automate the fill of your company tax return.
    If you use accounting software like QuickBooks Online, Myob or Xero, then your job will be made even easier because these systems can be connected easily to softwares like LodgeiT, which actually specialises in helping business owners like you lodge their company tax returns.

    There are important considerations when it comes time to fill a company tax return including:

    A. If the company is profitable there will be tax to pay. Companies that meet the definition of small business entity can calculate tax payable at a lower rate.

    B. There may be expenses that are non deductible. Be sure to add these back in the company tax return reconciliation section.

    C. If shareholders take dividends these may need to be franked.

    D. For companies that are small business entities, it is relatively easy to calculate depreciation and assets costing less than $20,000 can be written off immediately.

    If in doubt, you can always seek the assistance of a registered tax agent.

    #1063989
    danSMA
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    Hi Guys,

    MS_X, what happened with the Public Officer issue? i am having the same issue and did you end up sorted it out?

    Thanks

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