CORPORATE TAX

Corporate Tax

We have more than 40 years experience helping small businesses with their finances. Our professionals are experts at corporate accounting and can help you and your business navigate your taxes throughout the year.

Under a Company or Trust, you’ll need to submit a corporate tax return for your business, and may also need to lodge an individual return.

What you need

The Company will generally pay tax at the rate of 28.5% of its net profit if it has an aggregated turnover is under $2 million. For Companies with an aggregated turnover in excess of $2 million then the tax rate is 30%.

  • Trusts generally distribute all their net profit to the beneficiaries. Each beneficiary is required to report their distribution on their individual tax return.
  • If a Trust decides to retain its profit then it must pay tax at the top marginal tax rate including the medicare levy which is currently 49%.

YOU’LL NEED TO KEEP RECORDS FOR

  • the Company or Trust lodges a tax return, to report the net income of that entity
    (assessable income less allowable expenses and deductions)
  • the individual directors each lodge an individual tax return if their income exceeds $18,200 or tax has been withheld from any payments.

What you need Cont...

  • The names of the new, continuing and retiring directors and secretaries
  • The TFN, address and date of birth of all directors and secretaries
  • Details of the changes if the persons authorised to act on behalf of the Company have changed
  • The date of winding up (if applicable)
  • The date of the incorporation (if applicable)
  • Copies of any agreements or variations to the agreements: Keep a copy of any agreement for the life of the entity plus five years.
  • ASIC Corporate key from your annual ASIC invoice
  • Business records including: books of account (with accounts for each director’s capital contribution, drawings and share of profit or loss), minutes of annual meetings, memoranda of decisions reached, especially regarding share dividends, director’s fees and allocation or transfers of shares.
  • Depreciation worksheets
  • FBT schedules

DEDUCTIONS & EXPENSES

  • A list of work-related expenses (with receipts). This includes business motor vehicle logs
  • Receipts of charitable donations
  • Interest and fees on investment loans
  • Donations to charities (unless you get a ticket to win something in return, those ones don’t count)
  • Fee charged for previous year’s tax return
  • Income protection insurance
  • Sickness and accident insurance
  • Private health insurance
  • Superannuation contributions for employees and directors

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