Tax Return Filing
Even if you incur a loss or do not exceed the tax threshold, you must file an annual tax return for your firm. Ensure you are aware of the requirements that apply to your company structure before filing your return.
The majority of your income will be pre-populated using information from your employer and banking institutions that the ATO gets. There may be additional revenue that you must contribute yourself.
The following are examples of typical forms of income that must be reported:
- employment income
- government payments
- super pensions and annuities
investment earnings (including interest, dividends, rent and capital gains) - monetary gain via the sharing economy (for example Uber or Airbnb)
- compensation and insurance payments
- Foreign earnings
ctto: ato.gov.au
Consult a licensed tax professional.
If you want a professional to prepare your tax return, you must utilize a licensed tax agent.
The majority of licensed agents have special filing deadlines and may file returns for their customers after the October 31 deadline.
Regardless of how you submit your tax return, you are accountable for any claims you make. Before you or your agent files your tax return, verify that your deductions are valid and that you’ve included all of your revenue.
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