Who need to file a Company Tax Return?
Company tax returns must be filed by all Australian registered companies that operate a business or derive investment income. A company that does not trade, or only acts as a trustee, must notify the Australian Taxation Office that a company tax return is not required to avoid being fined or prosecuted.
When is the company tax return due?
Company tax returns are ordinarily due on the 31st of October following the end of the financial year. However, if it is filed by a Registered Tax Agent then the due date will either be March or May of the following year, depending on the size of the company.
Does a Company need to file financial statements?
The company tax return contains very basic information about a company’s assets and liabilities, but there is no specific section to include financial statements with a company tax return. Small propriety companies do not need to file financial statements with ASIC or the ATO, but the company is required to be able to produce financial statements.
What is the Company Tax Rate?
The standard company tax rate is 30% for large companies and 28.5% for small companies. A small company has turnover of less than $2 million. A company is only taxed on its taxable profit, and the tax payable will be due at the same time as the company tax return.