Home – New Forums Money matters Help needed for completing company tax return

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  • #987304
    NanaB
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    Hello all,
    Can anyone give me suggestions about how to calculate “unsecured liabilities, directors loan, and tax liabilities” (which includes gst account and input tax credit account) when preparing company tax return? The company is a pty ltd type and not registered for gst. The company tax returns were always prepared and lodged by a cpa but due to costs I’m hoping to do it myself.
    Thanks in advance

    Nana

    #1162037
    Simply Money Honey
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    Hi Nana

    These amounts should be taken from your balance sheet. I have included a link below to the tax office’s company tax return instructions which might help.

    http://ato.gov.au/uploadedFiles/Content/TPALS/downloads/TP00350071NAT06692013.pdf

    Unless you are very familiar with accounting and taxation I wouldn’t complete the tax return yourself. Making mistakes could cost you in missed deductions or later in fines and penalties if you understate your tax owing.

    Perhaps you could ask your accountant if there are ways to reduce their costs. Maybe they are providing a greater service than you require. Perhaps you could complete your tax return and pay an accountant to review it for you? Keep in mind this will only be a cheaper option if you do a good job of it.

    Cheers

    Gabrielle

    #1162038
    NanaB
    Member
    • Total posts: 3
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    Hi Gabrielle,
    Thank you for your advice.

    I had the booklet sent to me by the ATO, but honestly they don’t really help much.
    Previously I supplied my accountant with financial details to complete the tax return. So I have some understanding on how this works. I was able to work on it partially (profit and loss statement, depreciation pool and trading account section) and I was completing the detailed balance sheet when I stumbled into this problem as I had no idea how my accountant came with the figures. I understand that this section (liabilities section) is carried over the previous year.But “the how” is what puzzled me.

    Do you have any other suggestions?

    Cheers
    Nana
    it

    #1162039
    Dave Gillen – Former FS Concierge
    Keymaster
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    Just wanted to say welcome to the forums Nana!

    If you get a moment, pop over to the “Introduce Yourself” section and say hi. We’d love to know a little about you. :)

    Dave

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