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Taxopia Lite Online DIY Company Income Tax Return

Welcome to Taxopia's unique online Do-it-yourself (DIY) company tax return preparation solution. We have designed this process to streamline and simplify the preparation of a company tax return and this has allowed us to offer the lowest cost method in Australia for meeting this obligation. This online company tax return solution is only $180 plus GST. It can be used by most Small Business Entities however we recommend it primarily for smaller micro-businesses only. If you have a larger business with potentially complex tax and financial issues, or you have a very limited understanding of the tax system, or you would like us to prepare and lodge your taxes for you, then we recommend you consider one of our other Company Tax Return packages

Our Taxopia Lite process has two stages. 

Stage one walks you through some basic eligibility questions to ensure the solution is suitable to the needs of your company. These eligibility questions have been professionally designed to maximise the range of companies that can use the service whilst minimising the complexity of the various elements of the return. Once you complete these questions the platform will automatically confirm your company eligibility and you will be presented with the option to proceed, enter your details and pay (you will not be charged until work actually commences). You do not need to enter any personal or company details during this stage. After completion, you will be directed to the next stage if you decide to proceed.

Stage two includes all of the questions and content needed to prepare the return. You will need to have your figures handy so that you can enter them where requested. Don't worry - you can save and resume/return to the questionnaire at a later stage if you can't complete it all at once (you have 30 days). You will need your company profit and loss figures (Excluding any GST effect if registered) for the year and some data about specific company asset and liability balances. 

Once you have submitted this form, our professional accountants will commence preparing your tax return. Once done, we will email you the completed Tax Return and provide you with the instructions on what to do (you will need access to a printer) and where to post it. Therefore, with this option, you will be required to post the lodgement yourself and we do not act as your Tax Agent.
Note: This option is only for standard “Pty Ltd” companies.

Security This questionnaire operates within a highly secure encrypted SSL protocol environment. Accordingly, all data entered is treated with the highest level of security and confidentiality. This includes any credit card data transmitted. Taxopia security is regulated by the CPA, Tax Agents Board, ASIC and other Australian Privacy and Data Management Law. We uphold the highest standards.

* Please note that if you're paying via credit card, a surcharge of 2% will be applied to the total amount.

WARNING: As a precautionary measure against any unforeseen Internet disruption or power failure, we strongly suggest you complete the “Save and Resume Later” option whilst completing this form. Please be advised that we are not able to retrieve any partially completed forms. Thank you.


Once again thank you for using our service. If you have any questions, please feel free to contact the Melbourne Office on 1300 829 674 or email info@taxopia.com.au

General Eligibility Questions

E1 - Please confirm what structure entity (the taxpayer) you have?*
E2 - What financial year does your company require a tax return for?*
Note if you need more than one year completed then you will need to complete the process separately. * Please note that the 2020/2021 Financial Year Tax Return will be released around the second week of July 2021.
E3 - Was the company a Small Business Entity for the year?*
Important Note: Your company is a small business entity if the total turnover (revenue) of the company and any closely related entities is less than the relevant threshold excluding GST. The thresholds were $10m for 2017FY, $25m for 2018FY and $50m for 2019FY
E4 - Were the company's management and ownership based entirely in Australia for the year?*
E5 - Was the company owned and controlled (more than 50% shareholding) by another company?*
E6 - Did the company make any payments of dividends, interest or royalties to an entity located outside of Australia during the year?*
E7 - Will the company be claiming the special Research & Development Tax Concessions for the year?*
E8 - Did the company have any income that had tax withheld for not quoting an ABN?*
E9 - Separate to any request you may have received to lodge a company tax return, has the company received a notice from the ATO to lodge a special "Reportable Tax Position Schedule" for the year? (This is NOT the same as request to lodge a late company tax return).*
An ATO request for "Reportable Tax Position Schedule" is not the same as a request to lodge a company income tax return. It is very rare for the ATO request one of these but we are required to confirm
E10 - In addition to any business income earned, did the company have any of the following Australian sourced investment income for the year?*
Please indicate which types of investment income the company had for the financial year.

Sorry - Only standard "Pty Ltd" company taxpayers are eligible to use this online tax return. Please contact us for assistance on 1300 829 674 or info@taxopia.com.au

Sorry - Only small business entities are eligible to use this online tax return. Please contact us for assistance on 1300 829 674 or info@taxopia.com.au

Sorry - Non resident companies have additional tax return reporting requirements and are not eligible to use this online tax return. Please contact us for assistance on 1300 829 674 or info@taxopia.com.au

Sorry - Companies that are owned and controlled by another company have additional reporting requirements and are not eligible to use this online tax return. Please contact us for assistance on 1300 829 674 or info@taxopia.com.au

Sorry - Companies that paid dividends, interest or royalties to overseas entities have additional reporting requirements and are not eligible to use this online tax return. Please contact us for assistance on 1300 829 674 or info@taxopia.com.au

Sorry - Companies that are claiming R&D concessions have additional reporting requirements and are not eligible to use this online tax return. Please contact us for assistance on 1300 829 674 or info@taxopia.com.au

Sorry - Companies that have tax withheld for not quoting an ABN have additional reporting requirements and are not eligible to use this online tax return. Please contact us for assistance on 1300 829 674 or info@taxopia.com.au

Sorry - Companies that have received a request to lodge a Reportable Tax Position Schedule have additional reporting requirements and are not eligible to use this online tax return. Please contact us for assistance on 1300 829 674 or info@taxopia.com.au

Sorry - Companies that have investment income other than interest income have more complex tax calculations and are not eligible to use this online tax return. Please contact us for assistance on 1300 829 674 or info@taxopia.com.au

International Eligibility Items

E11 - Did the company transact with any RELATED ENTITY based outside of Australia during the year?*
E12 - Did the company own any assets or investments during the year that were based outside of Australia? This includes investments in other entities or businesses, real estate, shares etc*
E13 - Did the company have any shareholders during the year that were based outside Australia?*

Sorry - Companies that have these types of foreign dealings are required to lodge more complex tax schedules with the tax return and this is not available with our online solution. Please contact us for assistance on 1300 829 674 or info@taxopia.com.au

Losses Eligibility Items

L1 - Did the company make a tax loss for the current financial year? (ignore any prior year tax losses for the purpose of this calculation)*
A current year tax loss occurs when the company's total current year assessable income is less the total allowable deductions for the year. Ignore any prior year tax losses for this calculation
L2 - Does the company have carry forward tax losses from previous financial years?*
L3a - Do the prior year tax losses being recouped in the current year exceed $100,000?*
L4a - Is the total of ANY tax losses and capital losses being carried forward to future years more than $100,000?*
L4b - Is the total of ANY tax losses and capital losses being carried forward to future years more than $100,000?*
L4c - Is the total of ANY tax losses and capital losses being carried forward to future years more than $100,000?*
L5a - Has the company ownership (shareholders) changed by more than 50% since the company was started?*

(F1) Sorry. Your company is required to lodge a separate tax losses schedule which is not available via this online form process. Please contact us for assistance on 1300 829 674 or info@taxopia.com.au

(F2) Sorry. Your company is required to lodge a separate tax losses schedule which is not available via this online form process. Please contact us for assistance on 1300 829 674 or info@taxopia.com.au

(F3) Sorry. Your company is required to lodge a separate tax losses schedule which is not available via this online form process. Please contact us for assistance on 1300 829 674 or info@taxopia.com.au

(F4) Sorry. Your company is required to lodge a separate tax losses schedule which is not available via this online form process. Please contact us for assistance on 1300 829 674 or info@taxopia.com.au

(F5) Sorry. Your company is required to lodge a separate tax losses schedule which is not available via this online form process. Please contact us for assistance on 1300 829 674 or info@taxopia.com.au

Congratulations your company is eligible for our online company tax return solution! Please complete the items below to proceed to the next stage

I confirm that I wish to proceed to engage Taxopia to prepare my entities company income tax return. I understand that Taxopia will provide me with a completed company tax return for me sign and then post (lodge) to ATO.*

Congratulations your company is eligible for our online company tax return solution! Please complete the items below to proceed to the next stage

I confirm that I wish to proceed to engage Taxopia to prepare my entities company income tax return. I understand that Taxopia will provide me with a completed company tax return for me sign and then post (lodge) to ATO.*

Congratulations your company is eligible for our online company tax return solution! Please complete the items below to proceed to the next stage

I confirm that I wish to proceed to engage Taxopia to prepare my entities company income tax return. I understand that Taxopia will provide me with a completed company tax return for me sign and then post (lodge) to ATO.*

Congratulations your company is eligible for our online company tax return solution! Please complete the items below to proceed to the next stage

I confirm that I wish to proceed to engage Taxopia to prepare my entities company income tax return. I understand that Taxopia will provide me with a completed company tax return for me sign and then post (lodge) to ATO.*

Basic Details

1- Name*
Mobile (e.g. 0400 123456) or if landline, please add the area code in (e.g. 03 9123 4567)

Recommended Information Required

Important Tips Regarding Completion of the Tax Return


1. You can save your progress at any time and return later (within 30 days) to resume completion. You can also go back and change any answers before you press submit at the end.


2. We recommend that you try and complete the tax return in one sitting. It will take anywhere between 30 minutes to 1 hour to complete this process provided you have the company financial information available. We recommend that you have the following information ready before you start


(a) A company profit and loss statement or summary for the year (excluding any GST effects). This summary should have the income figures and expense figures for the year and show if the company made a profit or loss.


(b) The gross salary and superannuation amounts paid to any employees


(c) The total amounts of any of the following at 30 June. Stock on hand at cost. Trade debtors (accounts receivable), Trade Creditors (accounts payable), Loans to related parties, total current assets, total all assets, total current liabilities, total all liabilities, tax losses from previous years.



Payment

This is a secure form encrypted with the high-level SSL standard required for credit card and banking use. The technology is embedded via a secure host server and can be verified by the FormStack padlock symbol at the bottom of the page. Please proceed to enter your card details below for payment processing once your order is ready to commence work. If you have any questions before enter your card details please call our Melbourne Office on 1300 829 674.

* Note: If you choose to pay via Bank Transfer, we will not process your order until the payment has been cleared by the bank.

Payment Option*
Please note that if you choose to pay via credit card, a surcharge of 2% will be applied to the total amount.
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Expiration Date*
As the card cardholder I give Taxopia authority to charge the amount above to my card for preparation of the company income tax return*
A$

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Please be reminded that we will not process your order until the payment has been cleared by the bank.

You may proceed to complete the questionnaire by clicking "Next" below.

The tax return will be emailed to you once payment has been received.

Payment Confirmation

Thank you. Your payment will only be processed by our office once work actually begins. 


You may proceed to complete the questionnaire by clicking "Next" below.


The tax return will be emailed to you once the payment is confirmed

Tax Return General Information

This is often a director of the company
9 - Has the company changed its name since lodging the last tax return?*
10 - Current Company Postal Address*
11 - Is the current company postal address the same as the current business address?*
11b - Current Company Business Address*

12 - If your company is entitled to a tax refund it will be transferred to your nominated bank account directly from the ATO. Please provide your preferred company bank account details below for any refund.

PLEASE NOTE: 

  • These bank details are required by the Tax Office in the event you are entitled to a refund. The refund will be directly deposited into this account by the Australian Taxation Office.
  • This form is encrypted and all bank account details are kept securely under password and encryption protection as required by the Australian Privacy Act.
  • Taxopia will not deduct any fees or costs from your bank account.

Business & Industry Information

13 - How many different types of business activities does the company operate?*

You MUST use the current BUSINESS INDUSTRY CODE SEARCH TOOL (CLICK HERE) and then insert the number code BELOW

The tax return requires disclosure of the business industry code for the business. You need to search and select the most relevant code to your business based on its main business activity. Often there is not exact match to your understanding of the business description so just find the most appropriate.

See notes below about searching and insert the correct code
16 - Did the company sell any goods or services over the internet during the year?*
17 - Was the company registered for GST during the year?*
18 - Is this the final company tax return to lodge? (ie it has closed down or is closing down)?*

What Income Did The Company Have For The Year?

In this section you need to indicate all of the income the company earned during the year. ITS VERY IMPORTANT THAT IF YOUR COMPANY WAS REGISTERED FOR GST THEN ONLY USE FIGURES EXCLUDING ANY GST THAT YOUR COMPANY CHARGED ITS CUSTOMERS OR CLIENTS

R1 - Did the company have any income from sales of goods and services?*

This includes gross income from the sale of any trading stock or goods (retail or wholesale) and gross earnings from services. Check "more info tab". Include gross PSI income here as well

$

R1 Help Information. Include all income from selling goods or services here. You should inlude here all gross Personal Services Income (PSI) for the year. Companies operating businesses are generally expected to calculate "income" for the financial year based on an "accruals" basis of accounting. That means you must including income owing to the company at the end of the financial year that has not actually been recieved during that year. There is no longer a choice under the tax legislation for small business entities to calculate income tax on a cash basis (unlike GST options). If you have any doubt about the requirements please read the ATO ruling TR 98/1 here

R2 - Did the company receive any interest income for the year?*

This includes interest income from bank accounts and investments.

$
R3 - Did the company have any income from renting out, leasing out or hiring out assets?*

This includes income from renting or hiring out assets to customers

$
R4 - Did the company have any income from fringe benefits tax employee contributions?*

This includes contributions (income) received from an employee to offset or reduce any company employer FBT liability.

$

R4 Help Information. Employee contributions form part of the company's (employer’s) assessable income if employees make payments for fringe benefits that they have received. This typically happens when the employer (the company) provides benefits to employees that have a private use or non tax deductible element. For example if the employee provides a car to an employee there may be a requirement to calculate and account for employee FBT contribution income

R5 - Did the company have any income from assessable government industry payments and grants?*

This includes some income from any Government grants or subsidies or special programs.

$

R5 Help Information. Generally, government credits, grants, rebates, benefits, bounties and subsidies are assessable income in the hands of the recipient if they are received in, or for, the carrying on of a business. This generally includes payments of a capital nature. However, payments relating to the commencement or cessation of a business may not be assessable income but may give rise to a capital gain.

R6 - Did the company have any income from unrealised gains on revaluation of assets?*

Unrealised gains include accounting profits created by upwards revaluation of assets. These are "unrealised" or "paper" gains because the assets have not actually been disposed of.

$

R6 Help Information. Unrealised gains on upwards revaluation of assets will normally only occur when your accounting process involves changing the accounting or "book" value of the asset at the end of the financial year. Some entities do this with their investment assets each year or every few years. It is not that common for small business entities to engage in this practice.

R7 - Did the company have any other gross income?*

Include here any other accounting income in your profit & loss that is not listed at one of the previous income items above

$

WARNING: YOU WILL NOT BE ABLE FINALISE THE RETURN UNTIL YOU CHANGE ANY "MORE INFO" ANSWERS TO EITHER "YES" OR "NO". PLEASE CORRECT NOW

TOGGLE ALL QUESTIONS ABOVE TO "YES" OR "NO" & THEN CONFIRM HERE (YOU CANNOT LEAVE ANY AS "MORE INFO")*

Total Income From All Items

$

What Expenses Did The Company Have For The Year?

In this section you need to indicate all of the expenses the company incurred during the year. ITS VERY IMPORTANT THAT IF YOUR COMPANY WAS REGISTERED FOR GST THEN ONLY USE FIGURES EXCLUDING ANY GST THAT YOUR COMPANY PAID TO ITS SUPPLIERS.

EX1 - Did the company have any cost of goods sold expense?*

This includes the cost of anything you sold or supplied during the year

$

E1 Help Information. Cost of sales (or cost of goods sold) is the cost to your business of products it sold during the year. This can be measured directly if you know exactly what goods were sold during the year and what they cost your company. Alternatively this can be measured indirectly by taking your opening stock on hand plus your purchases for the year less your closing stock on hand at the end of the year. You should calculate the cost of sales figure based on the cost price of the stock and goods to your business excluding any GST paid.

EX2 - Did the company have any contractor, sub-contractor and commission expenses?*

This includes the all expenses paid for contractors, subcontractors and commissions

$

E2 Help Information. This includes expenditure incurred for labour and services provided under contract other than those in the nature of salaries and wages. For example payments to self employed people such as consultants, commissions paid, agency fees, service fees, management fees.

EX3 - Did the company have any employee superannuation expenses?*

This includes employee superannuation expenses paid by the company to a complying super fund

$

E3 Help Information. Employers are generally entitled a tax deduction for employee contributions made to a complying superannuation fund during the year. The deduction is allowable in the year the contributions are made so do not include "accrued" contributions that are still unpaid at the end of the financial year. Any year end accrued contributions can be claimed in the following financial year. There are also maximum deductible limits on superannuation contributions and age based limits. If your company made superannuation contributions above the relevant thresholds those amounts may not be eligible for a tax deduction. Read here for more SUPERANNUATION EXPENSES GUIDELINES

EX4 - Did the company have any bad debts expenses?*

This includes trade debts (from income) owed to the company that are not recoverable or collectible

$

E4 Help Information. The company can claim a tax deduction for customer or client debts that have been formally delcared and written off as non recoverable during the year PROVIDED the debt was previously included as assessable business income. If the debt was incurred in a previous year the company must satisfy the same ownership test during the period between that year and the current year in which it is being written off. If the company ownership (shareholdings) changed the bad debt may not be deductible.

EX5 - Did the company have any lease expenses?*

Include here any expenditure on leasing assets for the business. Not rent on business premises.

$

E5 Help Information. Include here any expenditure on leasing assets for the business. NOTE do not include lease rental costs on business premises as that has a separate item - see next.

EX6 - Did the company have any rent expenses?*

This includes expenditure incurred as a tenant on a rental of land and buildings used in the production of income

$

E6 Help Information. This includes expenditure incurred as a tenant on a rental of land and buildings used in the production of income

EX7 - Did the company have any interest expenses?*

This includes interest expenses on any business borrowings & loans in Australia

$

E7 Help Information. This includes interest expenses incurred on money borrowed from Australian sources. Interest on borrowings will be deductible to the extent that the borrowings were used in the business to help produce assessable income.

EX8 - Did the company have any royalty expenses?*

Royalties are generally payments made by an entity for the use of rights owned by another person.

$

E8 Help Information. Royalties are generally payments made by an entity for the use of rights owned by another person. They may be periodic, irregular or one-off payments.

EX9a - Did the company have any depreciation expense?*

Depreciation expenses are the allocation of the cost of an asset over a certain period of time. Use simplified depreciation and include any assets fully written off in year

$
EX9b - Does the Total Depreciation Expense include any assets immediately written off during the year?*

Enter the amount of the total depreciation expense you listed above that was for assets immediately written off during the year. (2016 anything under $20,000)

$

E9 Help Information. Small business entities are entitled to use the simplified depreciation rules. These rules must applied to any assets when using the Taxopia platform. The simplified depreciation rules include immediate write off (full depreciation) of assets costing less than $20,000 Exc GST that were acquired after 13 May 2015 (it was a $1,000 limit prior to then) and pooling of assets above this threshold. Assets that are pooled are depreciated at 15% in the first year of being added to the pool and then 30% on a reducing balance basis in subsequent years. You will need to calculate and maintain a depreciation pool and balance for this. Read more here DEPRECIATION EXPENSE GUIDELINES

EX10 - Did the company have any motor vehicle expenses?*

Include motor vehicle running expenses only. Not lease, depreciation or interest costs. See help for more

$

E10 Help Information. Motor vehicle expenses includes vehicle running expenses only. This includes fuel, repairs, registration and insurance. DO NOT include here any of the following (they are to included at other items above) - lease expenses, interest expenses or depreciation expenses. Please note that Fringe Benefits Tax may apply to the company if it provided car fringe benefits to employees during the year. FBT is a separate tax reporting obligation for the company.

EX11 - Did the company have any repairs and maintenance expenses?*

Include repairs & maintenance expenses that were NOT capital items. See help for more.

$

E11 Help Information. Repairs and maintenance expenditure includes the cost of maintaining the physical business assets such as plant, office equipment, machinery, implements and any premises. Note that any expenditure to acquire, improve or create a separate asset is a capital expenditure rather than deductible repairs and maintenance. If the company incurred capital expenditure on improving or creating assets then it may be subject to the depreciation rules as mentioned above.

EX12 - Did the company have any unrealised losses on the revaluation of assets?*

Unrealised losses include accounting losses created by downwards revaluation of assets. These are "unrealised" or "paper" losses because the assets have not actually been disposed of.

$

E12 Help Information. Unrealised losses on downwards revaluation of assets will normally only occur when your accounting process involves changing the accounting or "book" value of the asset at the end of the financial year. Some entities do this with their investment assets each year or every few years. It is not that common for small business entities to engage in this practice.

EX13 - Did the company have any other expenses not listed above?*

Insert all other business expenses here

$

E13 Help Information. Insert all other expenses not listed at one of the specific expense labels above.

WARNING: YOU WILL NOT BE ABLE FINALISE THE RETURN UNTIL YOU CHANGE ANY "MORE INFO" ANSWERS TO EITHER "YES" OR "NO". PLEASE CORRECT NOW

TOGGLE ALL QUESTIONS ABOVE TO "YES" OR "NO" & THEN CONFIRM HERE (YOU CANNOT LEAVE ANY AS "MORE INFO")*

Total Expenses From All Items

$

Personal Services Income (PSI)

Personal services income (PSI) is income produced mainly from an individuals skills, efforts or expertise. Income is classified as PSI if more than 50% of the amount of any income received from a contract was for an individuals labour, skills or expertise. This often includes consulting income, advisory income and some other service or labour income. This income can still be exempted from the PSI tax requirements by one of the additional tests following. However first and foremost, you need to indicate here if more than 50% of each job or contract the company does relates to the provision of labour, skill, knowledge or expertise (that is Personal Services Income). If you have a large business structure with several staff, business premises and assets then it will not be considered Personal Services Income.

P1 - Did the company receive any Personal Services Income (PSI) during the year?*
$

IMPORTANT NOTE: Any gross Personal Services Income (PSI) that you have listed here at item P2 must also be included at the previous label R1 "Other Sales of Goods & Services Income". You can go back if necessary and correct.

$
Note there are restrictions on what expenses can be claimed against personal services income. The following cannot be claimed ...rent, mortgage interest, rates and land tax on any premises used, payments to associates for non principal work, super contributions for associates for non principal work, car expenses

Personal Services Income (PSI) Continued...

You indicated the company had Personal Services Income for the year. The next step is to determine if it passed the "results test". This test is about the nature of your agreement to perform the work, including the basis on which you are paid. To pass the results test, at least 75% of the company's PSI income for the year must meet all of the following three conditions. (1) The company was paid to produce a specific result. (2) The company was required to provide the equipment and tools to complete the job and (3) The company was required to fix mistakes and rectify defects at its own cost. If you pass the results test the company is considered a "Personal Services Business" and the PSI rules will not apply. Alternatively, if the company holds a Personal Services Business (PSB) Determination from the tax office it will also be exempted from the PSI requirements.

P4 - Did the company satisfy the results test with respect to any individual?*
P5 - Did the company hold a Personal Services Business (PSB) Determination from the ATO?*

Personal Services Income (PSI) Continued...

If the company did not satisfy the Results Test or it did not hold a Personal Services Business Determination from the ATO then there is one final test for PSI exclusion. If each source of PSI income yielded less than 80% of the total company PSI AND the following sub tests are passed then the company will be exempted from the PSI requirements. The additional sub tests that you can self assess are either of the following (a) the Unrelated Clients Test or (b) the Employment Test or (c) the Business Premises Test. 

The Unrelated Clients Test will be met in the income year if the company generates income from two or more clients who are not associated with each other or with you.

The Employment Test will be met if the company (a) has employees, engage subcontractors or engage entities that perform at least 20% of the principal work or (b) has apprentices for at least half of the year. Do not count an individual whose PSI you receive.

The Business Premises Test will be met if at all times during the year the company maintains and uses a business premises that are (a) mainly used to conduct the work ie more than 50% of the time and (b) used exclusively by the company and (c) physically separate from the private residence of any company associates and (d) physically separate from the business address of your clients or their associates

You can read more about these GUIDELINES TO ADDITIONAL 80% RULE PSI SUB TESTS HERE

P6 - Did the company earn less than 80% of its PSI from one source of PSI?*
P7 - Did the company pass any of the three 80% rule sub tests below*

Please be aware that you have indicated the company did not pass any of the PSI exclusion tests and therefore the PSI regulations will apply to company Net PSI income for the year. The Net PSI as calculated from the items above will removed from the assessable income of the company and "Attributed" to the individual or individuals that generated the net PSI. The process of "Attribution" ensures that the company does not pay any tax on this income but rather it is taxed in the hands of the individuals(s). You must include this attributed PSI in the personal tax returns of the individuals involved for the tax year. In addition to this, the company is required to disclosed Attributed PSI in its activity statement withholding section and it is required to issue PAYG payer payment summaries to those individuals (and then lodge copies of them with the ATO). PAYG withholding obligations apply to the company for any attributed PSI so please review the ATO website for these obligations. READ MORE ABOUT THE PSI WITHHOLDING OBLIGATIONS HERE

Please be aware that you have indicated the company did not pass any of the PSI exclusion tests and therefore the PSI regulations will apply to company Net PSI income for the year. The Net PSI as calculated from the items above will removed from the assessable income of the company and "Attributed" to the individual or individuals that generated the net PSI. The process of "Attribution" ensures that the company does not pay any tax on this income but rather it is taxed in the hands of the individuals(s). You must include this attributed PSI in the personal tax returns of the individuals involved for the tax year. In addition to this, the company is required to disclosed Attributed PSI in its activity statement withholding section and it is required to issue PAYG payer payment summaries to those individuals (and then lodge copies of them with the ATO). PAYG withholding obligations apply to the company for any attributed PSI so please review the ATO website for these obligations. READ MORE ABOUT THE PSI WITHHOLDING OBLIGATIONS HERE

Company Tax Adjustments

These tax adjustment questions relate to items of revenue and expenditure that you have listed at the previous income and expenses sections. Your profit and loss statement may have included these items so we need to identify them and make certain adjustments. If your profit and loss statement items listed above do not include any of the adjustment items below then just indicate "no" at each question.

A1 - Did the company have any expenditure associated with earning exempt (non taxable) income?*

Include any expenditure incurred in producing or earning exempt (non-taxable) income. This may include some (not all) grants.

$

A1 Help Information. Include any expenditure incurred in producing or earning exempt (non taxable) income. This may include expenditure incurred in getting some tax free grants. This type of expenditure is not common in small businesses.

A2 - Did the company have any other assessable income that has not been included at the income section above?*

Include any other assessable income not previously listed in the income section. See more info for help.

$

A2 Help Information. This includes any other assessable (taxable) income not already listed at the income items above. This may include items such as assessable balancing adjustments on the disposal of depreciated assets (to the extent that it has not been included at the income section already).

A3 - Did the company have any non tax deductible expenses that have been included at the expenses section above?*

Include here any non tax deductible expenses that you have listed at one of the previous expense questions. See more info for help.

$

A3 Help Information. Non tax deductible expenses are those expenses that are not eligible for deduction against assessable income. These are normally legitimate accounting expenses that you may have included at one of the previous expenses questions but they are not allowed to be claimed for tax purposes. For example, doubtful debts expenses (where the debt is not deemed formally bad), provision for annual and long service leave, provision for other expenses that have not been formally incurred and committed to, some non-deductible interest expenses, fines and penalties, accrued superannuation expenses that are unpaid at 30 June or not paid prior to the required date. Some fringe benefits expenses may also require listing here.

A4 - Did the company have any capital works deductions for capital expenditure on buildings?*

Capital works deductions includes special claims for eligible extensions, improvements or alterations to land and buildings.

$

A4 Help Information. Capital works deductions includes special claims for eligible extensions, improvements or alterations to land and buildings. Read more here if you have this expense CAPITAL WORKS DEDUCTIONS GUIDELINES.

A5 - Is the company claiming entity setup costs under 5 year write off rule?*

Entity setup costs can be claimed over 5 years commencing in the setup year. Include 20% here if claiming. See more info for help.

$

A5 Help Information. You can claim a special deduction of 20% of these entity setup establishment costs each year over five years. If you have already claimed this elsewhere then do not claim again here. These section 40-880 claims include the cost of setting up the company, registration fees, accountants and lawyers fees to the extent that they relate to establishing the company. It DOES NOT include other conventional startup costs like office equipment, website, graphics etc.

A6 - Did the company have any exempt (non taxable) income that has been listed at one of the income questions?*

This includes any income that is specifically exempt from tax such as some (not all) grants.

$

A6 Help Information. This includes any income that is specifically exempt from tax such as some (not all) grants. This type of income is not common for small businesses.

A7 - Did the company have any other income listed in the income section above (other than any Net PSI) that is not assessable for tax?*
$
$

A7 Help Information. This includes any income that is not taxable. Windfall gains (most prize winnings) are not taxable income.

A8 - Did the company have any other tax deductible expenses not listed already?*

This includes any other items that are tax-deductible but have not already been included in expenses above.

$

A8 Help Information. This includes any other items that are tax-deductible but have not already been included in expenses above.

WARNING: YOU WILL NOT BE ABLE FINALISE THE RETURN UNTIL YOU CHANGE ANY "MORE INFO" ANSWERS TO EITHER "YES" OR "NO". PLEASE CORRECT NOW

TOGGLE ALL QUESTIONS ABOVE TO "YES" OR "NO" & THEN CONFIRM HERE (YOU CANNOT LEAVE ANY AS "MORE INFO")*

Total Net Adjustment Items

Includes Net PSI but Excludes any loss recoupment

$

Preliminary Tax Result

Total Income Section Items

$

Total Expense Section Items

$

Total Adjustment Items (pre loss recoupment)

$

Taxable Income (pre any loss recovery)

$
TS - Does the company have any prior year tax losses to offset (reduce) the current year tax profit?*

The company has reported a tax loss for the current year. This tax loss will be carried forward to a future financial year and may be able to be used to offset future taxable profits. Note there are strict tax laws for carrying forward and claiming prior-year tax losses.

Estimated Tax Result - Breakeven & No Prior Year Losses

Tax Payable (before credits) at 27.5%

$

Insert PAYG Tax Instalment Credits Here (or"0" if none)

$

Final Tax Payable (or "-" indicates refund) After Credits at 27.5%

$

Estimated Tax Result - Breakeven & No Prior Year Losses

Tax Payable (before credits) at 26.0%

$

Insert PAYG Tax Instalment Credits Here (or"0" if none)

$

Final Tax Payable (or "-" indicates refund) After Credits at 26.0%

$

Estimated Tax Result

Tax Payable (before credits) at 27.5%

$

Insert PAYG Tax Instalment Credits Here (or"0" if none)

$

Final Tax Payable (or "-" indicates refund) After Credits at 27.5%

$

Estimated Tax Result

Tax Payable (before credits) at 26.0%

$

Insert PAYG Tax Instalment Credits Here (or"0" if none)

$

Final Tax Payable (or "-" indicates refund) After Credits at 26.0%

$

Estimated Tax Result After Losses Recouped

The results indicate that company has a preliminary taxable profit for the year and you have indicated there are prior year tax losses to offset against it. Please complete the items below to reduce any tax payable

Enter Prior Year tax Losses Recouped in Current Year

$

Taxable Income After Loss Recovery

$

Tax Payable (before credits) at 27.5%

$

Insert PAYG Tax Instalment Credits Here (Insert "0" if none)

$

Final Tax Payable (or "-" indicates refund) After Credits at 27.5%

$

Tax Payable (before credits) at 26.0%

$

Insert PAYG Tax Instalment Credits Here (Insert "0" if none)

$

Final Tax Payable (or "-" indicates refund) After Credits at 26.0%

$

WARNING: THE PRIOR YEAR TAX LOSSES RECOVERED HAVE RESULTED IN A NEGATIVE TAXABLE INCOME. REDUCE THE LOSSES RECOVERED TO AVOID A NEGATIVE FINAL TAXABLE INCOME RESULT OTHERWISE THE RETURN CANNOT BE PROCESSED

Company Financial Information & Disclosures

The following questions relate to mandatory company tax return disclosures. They are all required to be included.

D1 - Did the company have opening trading stock on hand at the start of the financial year?*

Tip. If the company operated in the previous financial year you can use the closing company stock on hand at cost figure. See more info for help.

$

D1 Help Information. This question is only relevant to entities that commenced trading in a previous financial year. The opening trading stock at the beginning of the year will be equal to the closing trading stock at the end of the previous financial year. So if you refer to the last company tax return it will be disclosed at item 8. Note: Please list the stock at its "cost" price to you, not any other value.

D2 - Did the company have any purchases of stock, raw materials and related costs?*

This includes the cost of direct materials used for manufacture, sale or exchange in deriving the gross proceeds or earnings of the business.

$

D2 Help Information. This includes the cost of direct materials used for manufacture, sale or exchange in deriving the gross proceeds or earnings of the business. This amount includes freight inwards.

D3 - Did the company have any closing trading stock on hand at the end of the financial year?*

This is the closing amount of closing stock on hand at 30 June year-end measured at the "cost" to your company.

$

D3 Help Information. The closing stock on hand is the value (at cost) of all trading stock and raw production materials that are being held for resale but had not been at the year-end (30th June). This figure is generally derived or confirmed by conducting a physical stock take at 30th June each year.

D4 - Did the company have any trade debtors (accounts receivable) at the end of the financial year 30th June?*

This is the closing amount of trade debtors owed to your company at 30 June year-end Including any GST.

$

D4 Help Information. Use the total amount of all trade debtors including GST owing to the company as at the year-end date 30 June. Trade debtors is another term for accounts receivable. These are debts owed to your company by its customers for the sale of goods or services.

D5 - Did the company have any trade creditors (accounts payable) at the end of the financial year 30th June?*

This is the closing amount of trade creditors your company owes to its suppliers at 30 June year-end Including any GST.

$

D5 Help Information. Use the total amount of all trade creditors including GST owing to the company as at the year-end date 30 June. Trade creditors is another term for accounts payable. These are debts your company owed to its suppliers at year-end 30th June for goods to services consumed in the business during the financial year but not yet paid for at year-end.

D6a - Insert the amount (at cost) of all current assets at 30 June year end.

Current assets are those assets at year end (30th June) that are intended to be disposed of or converted within 12 months of the end of the financial year. This normally includes all cash assets, trade debtors, trading stock on hand, term deposits (insert "0" if nil)

$

D6b - Insert the amount (at cost) of Total or All Assets at 30 June year-end.

"Total Assets" are all assets at year-end (30th June). That includes current assets (as listed above) and all non-current assets. Non-current are those that are not current as per above. (Insert "0" if nil)

$

D6c - Insert the amount (at cost) of all current liabilities at 30 June year-end.

Current liabilities are those liabilities or obligations at year-end (30th June) that are intended to be settled or paid within 12 months of the end of the financial year. This normally includes trade creditors, bank overdrafts, short term loans, tax liabilities and short term finance (insert "0" if nil)

$

D6d - Insert the amount (at cost) of Total or All Liabilities at 30 June year-end

Total liabilities" are all liabilities at year-end (30th June). That includes current liabilities (as listed above) and all non-current liabilities. Non-current liabilities are all other liabilities that are not listed as current. (insert "0" if nil).

$
D7 - Did the company have any debt (including any loans) on which it paid interest during the year?*

D7 Help Information. Total interest bearing debt to report here would normally include bank loans, credit card debt and vehicle finance debt. Loans from directors and related parties are often not included here because they generally do not have interest paid on them. Insert "0" above if nil.

$
$
D8 - Did the company have any commercial debts that it owed that were forgiven (cancelled) during the year?*

This includes any debt your company owed to another company and it was forgiven during the year. See more info for help.

$

D8a Help Information. A commercial debt is one that the company owed to another entity where interest was payable and that interest was or would be tax-deductible. A debt is forgiven if the company’s obligation to pay the debt is released or waived or otherwise extinguished. The net amount of commercial debts forgiven must be applied to reduce the company’s deductible revenue losses, net capital losses, certain undeducted revenue or capital expenditure and the cost base of certain CGT assets, in that order.

WARNING: YOU WILL NOT BE ABLE FINALISE THE RETURN UNTIL YOU CHANGE ANY "MORE INFO" ANSWERS TO EITHER "YES" OR "NO". PLEASE CORRECT NOW

TOGGLE ALL QUESTIONS ABOVE TO "YES" OR "NO" & THEN CONFIRM HERE (YOU CANNOT LEAVE ANY AS "MORE INFO")*

Company Financial Information & Disclosures Continued...

D9a - Did the company pay any franked dividends during the year?*
$

"Franked" dividends paid are those that have a franking tax credit of 30% associated with the dividend. A company can only frank a dividend if it has adequate franking tax credits available during the year. Accordingly a franking account should be maintained to ensure that there are sufficient franking credits to pay franked dividends. Penalties apply if dividends are franked but there were not adequate franking credits available. It is generally advisable to try and pay franked dividends over unfranked dividends because the tax to the shareholder will be taxed less if they receive a franking credit. Click this link to learn more GUIDE TO THE SIMPLIFIED IMPUTATION (FRANKING) SYSTEM

D9b - Did the company pay any unfranked dividends during the year?*
$


"Unfranked" dividends are those that do not have a franking credit attached. Click this link to learn more GUIDE TO THE SIMPLIFIED IMPUTATION (FRANKING) SYSTEM

D9d - Closing Franking Account Balance 30 June

The company franking account records any tax credits the company is entitled to payout as franked dividends. There are many different transactions that can occur in a franking account but it is generally only if the company has paid tax at some point on profits. Click this link to learn more GUIDE TO THE SIMPLIFIED IMPUTATION (FRANKING) SYSTEM

$
D10a - Did the company have any loans to shareholders or related parties at the end of the financial year 30 June?*
$

Companies must report related party loans owed to it in the tax return to comply with Division 7A of the tax legislation. Company loans to shareholders or related parties (but not to other companies) means loans made to them that are still owed back to the company as at year-end 30 June. In other words, the company gives money, cash or use of other assets to the shareholder or related party during the year and that money has not been repaid to the company by the end of the financial year. You need to track amounts drawn out by any related parties throughout the year and generally ensure that they are paid back or otherwise cleared before year-end. They can be paid back by a cash payment back to the company or by being allocated company dividends or salaries (subject to genuine commercial need) during the year that are not actually drawn out by the shareholder or related party. Care musts be taken to comply with these requirements or it can trigger a deemed unfranked dividend in the hands of the shareholder or associate (which has significant tax effect to them). Note if alternatively, the company owed the shareholder or related party money (ie someone loaned money to the company) then it does not need to be disclosed and is not subject to these regulations. So answer "No" if that applies at year-end 30 June.


D10b - Indicate with the options below when these loans to shareholders or related parties were made*
D11a - Did the company pay any salary or wages to any employees (including related parties) during the year?*
$

This includes any salaries and wages paid employees including any relates parties that are employees. The gross amount should be disclosed. The gross amount should reconcile with any activity statements lodged by the company for the year and it should reconcile with the employee payg payment summaries lodged by the company for the year. If these do not reconcile it can trigger an audit.

D11b - Indicate with the options below where these salaries and wages expenses were disclosed in the previous expenses questions*
$
D12a - Indicate which of any of the following payments where made to associated persons (related persons) during the year?*
$
D13a - Did the company have tax losses carried forward to later income years?*
$
These are normal business trading losses not capital losses

Note the company will have tax losses carried forward if it either

(a) Made a net tax loss in the current year because deductions were greater than income or,

(b) Made a tax loss carried forward from a previous year and the loss was not fully recouped against any profits in the current year or,

(c) Made a tax loss carried forward from a previous year and had more losses (or breakeven) in the current year.

The company may also have carried forward net capital losses from previous years and they should be disclosed here as well.


$
These are losses on the sale of capital assets of the company
D14 - Did the company directly or indirectly send to, or receive from, one of the countries specified below, any funds or property OR Does the company have the ability or expectation, to control, whether directly or indirectly, the disposition of any funds, property, assets or investments located in, or located elsewhere but controlled or managed from one of those countries?*

The specified countries for the purposes of this question are

Andorra, Anguilla, Antigua & Barbuda, Aruba, Bahamas, Bahrain, Belize, Bermuda, British Virgin Islands, Cayman Islands, Cook Islands, Curacao, Cyprus, Dominica, Gibraltar, Grenada, Guernsey, Hong Kong, Ireland, Isle of Man, Jersey, Labuan, Liberia, Liechtenstein, Luxembourg, Marshall Islands, Mauritius, Monaco, Montserrat, Nauru, Netherlands, Niue, Panama, Saint Martin (Dutch part), Samoa, San Marino, Seychelles, Singapore, St Kitts and Nevis, St Lucia, St Vincents and the Grenadines, Switzerland, Turks and Caicos Islands, US Virgin Islands, Vanuatu

WARNING: YOU WILL NOT BE ABLE FINALISE THE RETURN UNTIL YOU CHANGE ANY "MORE INFO" ANSWERS TO EITHER "YES" OR "NO". PLEASE CORRECT NOW

TOGGLE ALL QUESTIONS ABOVE TO "YES" OR "NO" & THEN CONFIRM HERE (YOU CANNOT LEAVE ANY AS "MORE INFO")*

Final Declaration

Public Officers Declaration


Before making this declaration review all of your answers and figures to ensure all income has been disclosed and that the tax return and any schedules are true and correct in every detail. The income tax law imposes heavy penalties for false or misleading statements in tax returns


By submitting this form the company Public Officer declares and understands that 


  1. The information in the tax return and all attached schedules and documents is true and correct
  2. All of the questions were understood in full by me and answers provided are correct
  3. The company has not engaged Taxopia to provide any taxation advice, guidance or review of any of the content of this questionnaire. I understand this is an automated service for tax return preparation only.
  4. That Taxopia will provide the company with a completed company tax return for the company to endorse and lodge directly with the ATO by post. Taxopia will not be listed as the registered tax agent for the company and no tax agent deferred lodgment dates will be available to the company.
As public officer of the company I agree that (1) the information in the tax return and all attached schedules and documents is true and correct and (2) All of the questions were understood in full by me and the answers I provided are correct and (3) The company has not engaged Taxopia to provide any taxation advice, guidance, or review of any of the content of this questionnaire. I understand this is an automated service for tax return preparation only and (4) That Taxopia will provide the company with a completed company tax return for the company to endorse and lodge directly with the ATO by post. I understand Taxopia will not be listed as the registered tax agent for the company and no tax agent deferred lodgement dates will be available to the company.*
How did you hear about us?*

Incomplete Process

The company tax return preparation process is incomplete because the company is either ineligible or not all of the questions have been answered correctly.

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