Company Tax Returns

I have a Bachelor of Taxation from UNSW and I was admitted as a Chartered Tax Advisor by the Tax Institute of Australia. I am also a CPA and a Chartered Governance Professional.

I offer a fixed fee company tax return service so you can meet your ATO compliance requirements without all the ‘extras’ that some accountants will add to your bill.

Here’s how it works:

1. Appoint me as your the company tax agent
2. Pay the fixed fee for your company
3. Send me the P&L and Balance Sheet or add me as a user to your online accounting program (Xero, MYOB, Quickbooks, Sassu)
4. I’ll prepare the tax return and send to you for electronic signature

It’s easy, it’s fast and it’s professional.

Company tax returns are complex documents: there are over one hundred and fifty questions to answer and the instruction manual is 296 pages long.

You can find a copy of the ATO company tax return form here, and a copy of the company tax return instruction manual here.

Company directors who want to self-prepare a company tax return will need to file the paper version, so that it can be keyed in manually by ATO staff. Registered Tax Agents can file company tax returns electronically, which speeds up preparation, lodgement and processing.

All companies that traded in a financial year are required to file a company tax return. Even if the company does not make a profit or does not earn any income, it is reqauired to file if it incurred any expenses or earned any income.

For small companies that are self-lodging, the company tax return due date will be 1st of December. For those filing a company tax return through a Registered Tax Agent, the due date will usually be pushed back to 15th of May.

Small companies are liable for a Failure to Lodge (FTL) penalty equal to $313 for every 28 days the company tax return is late, up to a maximum of $1,565. If the matter is taken to court, the penalties can be much higher.

Medium companies are liable for a Failure to Lodge (FTL) penalty equal to $626 for every 28 days the company tax return is late, up to a maximum of 3,130. If the matter is taken to court, the penalties can be much higher.

Large companies are liable for a Failure to Lodge (FTL) penalty equal to $1,565 for every 28 days the company tax return is late, up to a maximum of 7,825. If the matter is taken to court, the penalties can be much higher.

In many cases, fines can be waived if the person lodging the company tax return provides a reasonable excuse.

I have helped hundreds of businesses with late company tax returns and have successfully applied for hundreds of thousands of dollars in Failure to Lodge (FTL) penalty remissions.

Financial reports do not need to be filed with a company tax return. The Australian Securities and Investments Commission (ASIC) does not require small companies to file financial reports, unless they are part of a large group or foreign owned.

However, you still need to keep accurate financial records for your company so that you can produce financial statements if required.

You may also need financial reports if you are applying for a loan or seeking investment in your company.

Ben Collins ​JP CPA CTA FGIA FCG (CS, CGP)
B Tax (UNSW); Grad Dip Applied Corporate Governance; Registered Tax Agent (#00692003).