Most businesses will need to lodge a tax return during end of financial year. A tax return is basically a summary of your income and expenses for the financial year. See our end of financial year calendar for key dates.
Self-employed and sole traders need to lodge an individual tax return at year end. Your business income and expenses go in your individual tax return using a separate business schedule. Individual tax returns can be submitted online via through myTax (accessed through myGov), by paper or through a registered tax agent. If you’re an Australian resident for tax purposes, you have to declare all income you earned both in Australia and internationally on your Australian tax return.
Companies lodge a separate company tax return each year. You must also lodge an individual tax return for income you earn via wages, shares and dividends from the company. Company tax returns can be lodged using SBR enabled software, through a registered tax agent or by paper.
If you are unsure what you need to do. Contact us - email@example.com