Business Income Tax Returns

Tax time can be a breeze with a little bit of preparation. To make things easier for you, we’ve prepared a list of the information required to be able to complete your business’ income tax return.

  • A centralised record of business income, expenditure, assets and liabilities for the financial year

    • If the business uses cloud accounting software, that will simply be a copy of the balance sheet as at 30 June and profit and loss statement for the year ended 30 June 

    • If you’re not using web based accounting software like Xero, Quickbooks or Rounded, not to worry because Microsoft Excel works a treat. Get in touch and we’ll provide you with a free template

  • For GST registered businesses, a copy of all BAS’ lodged throughout the financial year must be provided.

  • If you’re a sole trader and undertake any PAYG employment on the side, provide a copy of any payment summaries

  • If you, or your business, hold any assets that generate an income stream such as shares or a rental property, please provide us with end of year statements and any related substantiating documentation.

  • If your business holds inventory, we’ll need an accurate record of stock on hand at the start and end of the financial year

  • We’ll ask to see a copy of the previous year’s income tax return

  • Remember to have a record of all receipts for any expenditure to be claimed.  The golden rule: If we can’t substantiate it, we can’t claim it.  Make sure you keep all invoices, receipts and bank statements for all income and expenditure.

Office desk

Once all information is collated, complete the following steps so we can get started:

  1. Let us know your information is ready to be reviewed. We’ll provide a link to a folder in the cloud (Google Drive) for you to share your documents with us. Don’t worry if you’ve missed anything, we will ask plenty of questions and ensure all additional details and bases are covered. 
  2. The option of a ledger review is also available, this is done by simply inviting Oceans Accounting into your accounting software as your accountant. 
  3. Once we have your information, we’ll provide you with a booking date. We’ll prepare the return on the date booked and come back to you with any questions and suggestions we may have to help you for the year ahead
  4. You’ll also get an opportunity to review and sign the return prior to lodgement with the ATO.

Sole trader income tax returns start at $352 (including GST)

Company income tax returns start at $550 (including GST)

Partnership income tax returns start at $440 (including GST)

Although I am a certified practicing accountant & registered BAS agent, I am not yet a registered tax agent. So you have the assurance of quality work, all tax services are done under the supervision of Mode Bookkeeping Pty Ltd (registered agent number 25221498), who have more than 20 years experience in tax advisory services to all business structures and businesses of all sizes, from sole traders through to corporate multinationals.

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