Why company returns need an expert
Unlike an individual return, a company tax return is rarely straightforward. The ATO expects extra information, and some of the most common mistakes in small companies are expensive:
- Division 7A — if you've borrowed money from your company or used company funds personally, the loan may be treated as an unfranked dividend unless it's put under a complying loan agreement and minimum yearly repayments are made.
- Franking accounts — dividends need to be franked correctly and the franking account kept in balance.
- Trust distributions — trustee resolutions generally need to be made by 30 June, and distributions need to suit each beneficiary's position.
What we prepare
- Annual financial statements for companies, trusts and partnerships
- Company, trust and partnership income tax returns
- Division 7A loan calculations and loan agreements
- Franking account reconciliation and dividend statements
- Trust distribution minutes and beneficiary reporting
- ASIC annual review support
- Year-end tax planning before 30 June
Our team prepares your return from your financial information and reviews it before lodgment, so you can make informed decisions and have peace of mind.