Small Business Tax Return

Small Business Tax Return Services

We have more than 40 years experience helping small businesses with their finances. Our professionals are experts at business 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%.


  • 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


  • 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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ITP is proud to announce our support for the fantastic work being done by the people at Sydney Children’s Hospital Foundation.

To raise more awareness ITP will be participating in the Blackmores Running Festival in Sydney September 2016.  Show your support by joining our team and running with us.

Business Structure
Growing your business can be exciting. However, its important you’re aware of what’s involved depending on your business structure, to save you time and money. That’s why we are here to help you start or evolve your company.
A sound accounting structure and financial plan can really guide a business partnership and help avoid common pitfalls. Speak with our friendly team and gain the insight needed to make business growth possible.
As technology evolves, industries like financial services have changed and so has ITP. You can now have remote support of an ITP expert. This way despite these changes you can understand the legal obligations and easily adjust.
Starting a new business is exciting. Closing a business due to poor financial planning is all too common, disappointing & often avoidable. With an experienced ITP accountant you clarify your business structure and money flow.
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Home Form New 2018
Tax Requirement*


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To make an appoitment in this region you will be redirected to ITP Queensland
To make an appoitment in this region you will be redirected Pilbara ITP
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