With a tailored accounting service, MGB Accountants will put together a package that suits the needs of your business. Prices will vary depending on the scope of the accounting services you require and the exact nature of your business.
A tax return for a small business can be done directly through the ATO portal or submitted on your behalf by a licensed tax agent such as MGB Accountants. If you are looking for the best returns on your small business tax, then a qualified accounting service is the wisest choice you can make.
Small businesses use tax deductions to reduce the taxes paid on assessable income. Though your small business will not receive a financial payment as a tax return, it can use its deductions to pay less tax on income in the future.
If you have a registered ABN in Australia, you must lodge a small business tax return every financial year.
A small business tax return is lodged in conjunction with your personal tax return, so it is important to ensure that your returns are properly managed to minimise the liability from your business to you personally. The best way to prepare a small business tax return in Australia is with the assistance of a qualified tax accountant.
How you submit your business tax return depends on how you choose to do them. If you are completing your tax returns for yourself, then they can be lodged online via the ATO portal. If you have a tax agent acting on your behalf, the accountant will lodge your tax returns for you.
Following the end of the financial year, which is 30th June, businesses are given a window of 4 months until 31st October to lodge their returns for the previous financial year. If your tax returns for small business operators are not lodged by the due date, you will be subjected to fines from the ATO.
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