A company is a legal entity whose identity is separate from its stakeholders. Company tax is, therefore, assessed separately as the income and profit from its operations and business transactions. Although setting up and maintaining a company is more difficult than other forms of business, it provides better protection of assets in the long-term. A company also acts as a good medium for tax planning in various situations.
A company tax accountant is a professional tax planner and manager offering advice on wealth and finance management.
The norms for company tax in Australia are different than those for the other business types because a company is an artificial entity having its own perpetual identification. Company tax does not have any kind of tax-free threshold in Australia.
For small business entities, the company tax return is paid at a flat rate of 27.50%, up to 30% in Australia. The professional range of services offered by the Accountant Perth WA team helps you comprehend the norms of company income tax return.
The Australian company tax compliance norms allow businesses to file and lodge the company tax return online. A payee can choose to make online payment of the company tax return with the much secure lodging and payment process provided by the Australian Taxation Office (ATO).
All the business types have to lodge their income tax return every year within a stipulated time period. Each distinct business structure needs to follow the different guidelines designed for it and comply accordingly while lodging tax returns. The company tax filing procedure is based on the income of the company as a separate legal entity.
One can opt to pay and lodge online tax return for a company, but the process can be tedious. A professional company tax accountant with their knowledge and superior tax assessment and lodgement skills can ensure that this is done smoothly. The company tax return is separate from that for its directors and shareholders. The company director or directors are always required to file and lodge a separate tax return of their income every year.
To get assisted for online company tax filing or offline assessment and lodgement of your company tax returns, always try to get professional help to save on your taxes as well as time.
Irrespective of its size or nature of business, a company is required to lodge a company tax return every year. The stipulated time as decided by the ATO for company tax filing is 15 May each year, unless otherwise stated.
Once the registration of a company is done with ATO, it is liable to pay company tax. Companies are required to assess their profits for each accounting period and then lodge their company tax return accordingly. For this process, they can seek assistance from a professional company tax accountant who will assist them with considerable calculations involved to produce a fair statement of the tax liability. If a company fails to lodge a tax return on time, it may be subjected to hefty penalties. Company Tax Accountant Perth helps you to be on time with your company tax return lodgements and never miss a deadline. Our professionals are well-versed with the applicable rates, laws and regulations to keep your accounts well managed.
Since companies are required to lodge their company tax return every year with the applicable company tax rate on the stipulated date, it is very essential to maintain the record of every transaction and activity in a systematic manner. A company tax accountant takes charge of all the required formalities and assistance regarding the systematic maintenance of documents, books and assessment of the compliances under company tax Australia.
Some of the major benefits of hiring a company tax accountant are:
Consider hiring a professional and experienced professional from Accountant Perth WA to file a properly assessed company tax return.