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Itu2019s easy to lodge and pay a corporate tax return. The Australian Taxation Office (ATO) has described each step clearly, such as when and how you can pay your company tax. They have disclosed an extensive array online and offline solution to file your individual or corporate tax. Have a close look all the associated steps that are mentioned below:
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4 Simple Ways To File And Pay Your Corporate Tax Return It’s easy to lodge and pay a corporate tax return. The Australian Taxation Office (ATO) has described each step clearly, such as when and how you can pay your company tax. They have disclosed an extensive array online and offline solution to file your individual or corporate tax. Have a close look all the associated steps that are mentioned below: The type of the business you are running Usually, most of you are a sole trader, a company owner, a director of a partnership firm, or a trustee. If you are a sole trader, you can lodge an individual tax return using your business income with the use of particular business schedule. You don’t need to pay the tax on your individual income and business income. Get a separate tax file number (TFN) if you are a member of a partnership firm. You don’t need to pay income tax on your particular income. However, each of you needs to report your income individually. Besides, you need to pay a separate tax on your individual earnings. If you are running a company, keep in mind it is a separate legal entity. You need to file a corporate tax return and pay the tax on the earnings of your company. Apart from that, you (directors of a company) have to pay tax on your own incomes. As a trustee, you need to get a TFN in the name of your trust and file and pay the tax on the income of your trust. You can get some tax concessions if you are running an NFP (not-for-profit) organization. Visit the website of the ATO to get more detailed information. Tax return deadline Whether you are a sole trader, a partnership firm owner, individual, or a company owner, you have to file your tax return and pay the requisite tax by 31 October
every year. If you are a registered tax agent, you will have a little exemption in filing your tax return. Deadline for BAS For Business Activity Statement, your due date for filling a BAS can vary. You need to send your business activity statement around two weeks earlier before the end of a BAS reporting period. Get it done before the due date and pay the amount you have to pay to the ATO. A BAS is applicable to you for an extensive array of activities you do. The activities are as follows: •PAYG (Pay As You Go) withholding and instalments •GST (Goods and Services Tax) •FBT (Fringe Benefits Tax) instalments •Wine Equalisation Tax How to file your tax return and pay the tax Whether you are an individual, corporate, trust, solo trade, of NFP tax payer, you have numerous options to file and pay your tax. Here are some useful ways for you: 1.Opt for corporate tax return online on the ATO website if you are a company owner and get the job of tax filing and paying done at your end 2.Use myTax system on the ATO website if you are a individual or sole trader tax payer 3.Hire a tax agent to get the entire job of tax payment done on your behalf. A professional tax accountant will easily carry out the job for you and help you stay safe from getting penalised 4.Select BPAY to file your business tax return and pay the amount. Further, you can send your payment via sending checks Conclusion Filing a tax return and paying the requisite amount to the ATO is very easy. You can get every detail on the ATO website. Get in touch with a tax agent if you have no in-house accountant and you don’t want to do it yourself.
