Managing your business tax obligations is one of the most daunting and important responsibilities when starting a new business. The piece de resistance of tax obligations is lodging your tax return at the end of every financial year. However, what most businesses do not realise is how and when you can lodge your tax returns. It is dependant on the structures of your organisation. Below is a guide on when to lodge tax returns for each of the four main business structures. They are Sole Trader, Company, Partnership, Trust.

Sole Trader

If you are a sole trader, you just need to file your individual tax return. Which covers all your personal and business income. You can lodge either by yourself through the ATO myGov portal or through R T Accounting & Taxation Services.

If you lodge yourself then your return is due by 31^st October. However, if you lodge through R T Accounting & Taxation Services and are on our client list before 31^st October. We will tell you when your tax return and tax payments are due. Often it is due by end of March the following year. 

As a sole trader, you are required to fill out a separate section of the individual tax return. And professional items schedule for individuals. Fear not if you are on our registered agent list as well will sort that out for you.

Partnerships

If you are involved in a partnership you are required to lodge a partnership tax return through the ATO myGov portal or through R T Accounting & Taxation Services.

So, if lodging yourself the lodgement date is 31^st October. If you are lodging through R T Accounting & Taxation Services, we will tell you what date we need to lodge the tax return. Which is often not before March the following year.

It is important to note that the partnership itself does not pay tax on the income it receives. But shows how much each partner to list as income they received on their personal individual tax return. If you have a partnership, you should not prepare and lodge your individual tax return. Until the partnership has completed its tax return.

Company

If you are a director of a company, you are required to lodge a company tax return through the ATO myGov portal or through R T Accounting & Taxation Services. 

The lodgement date for a company is generally the end of February, however it is beneficial to check with your registered tax agent as to the specific date your company tax return is due as it changes from business to business. A company’s income is separate to personal income so it is important to separate the two, as well as meaning you will have to submit 2 tax returns come year end (individual and company).

Please not if you do not lodge your previous financial year tax returns on time, the company tax return is due by 31^st October.

Trusts

If you are involved in a trust you are required to lodge a trust tax return through the ATO myGov portal or through R T Accounting & Taxation Services. 

And, if lodging yourself the lodgement date is 31^st October. If you are lodging through R T Accounting & Taxation Services, we will tell you what date we need to lodge the tax return by, which is often not before March the following year.

It is important to note that the trust itself generally does not pay tax on income it receives but shows how much each beneficiary to list as income they received on their personal individual tax return. If you are part of a trust, you should not prepare and lodge your individual tax return until the trust has completed its tax return.

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