This is buildadocsite.com, where you can build a tax return online for your practice in a few easy steps. This site allows you to select a template, year of tax return, enter your practice information, and lodge online tax return , all in less time than it takes to drink a cup of coffee!
What is ITR?
In simplest of sense, Income Tax Return is a document submitted by the taxpayers in order to get benefits of tax rebates and tax returns. Income Tax Return (ITR) are income and tax returns that must be submitted by the taxpayer to the income tax department in the specified form. Every year, the income tax department sets different income returns for different taxpayers who have different income from different sources.
Who files ITR?
Every nation has setup various rules and regulations regarding who is eligible to file ITR and who is exempted from the same. An Australian tax return for a tax year starting on July 1 and ending on June 30 of the following year will usually mature on October 31 after the end of the tax year. Australian individual taxpayers can send their tax returns online to the ATO online or with the assistance of a tax accountant. In 2011, the Australian Taxation Office (ATO) released Tax Pack, a free document designed to help people complete their returns. In 2012, due to the increasing use of electronic control software, Tax Pack was replaced by smaller guidance documents.
The tax update period can be extended automatically if the registered tax advisor uses an extended tax refund system. Under certain circumstances, extensions can be given. In Australia, individuals and taxpayers with taxable income may be required to submit various statements with ATO on various types of taxes.
Your company must file a tax return every year, even if you report a loss or fail to meet the tax threshold. When submitting your tax return to the Australian Tax Office (ATO), you must be familiar with the various rules that apply to your company’s structure.
Single ownership: Send individual tax returns. Enter all your business income in an individual SPT using a separate business plan. You don’t need to submit a separate SPT for your business.
Partnership: A partnership has its own tax code, but does not pay income tax on profits generated. Each partner contributes his share of the partnership income in his own tax return. The Partnership must also submit a separate annual declaration from the partnership declaration to ATO based on the Business Tax File number (TFN).
Company: A company is a separate legal entity and must report taxes to its own company and pay income tax. If you are a director, you still need to send personal returns as individuals.
Trust: Trusts have their own TFN and must provide a trust income tax return.
If you need to send a business activity statement (BAS), you will be notified by Australian Taxation Office. BAS applies when you need to consider your tax obligations, including:
- Goods and services tax (GST)
- Tax for luxury cars
- level of wine control
- Withholding and contributing Pay as you go (PAYG)
- Tax credit instalment (FBT).
The ATO sends your Declaration of Activities approximately two weeks before the end of the reporting period. Fill in and return the original on the due date and payment due.
Prepare the BAS Submission process by reviewing the ATO video to complete BAS or by looking at our Business Activity Declaration page for more details.
Depending on how complicated your business and taxes are, you can choose to report taxes or request tax returns by specialists. If you use a tax representative or BAS, make sure to be registered with the Tax Specialist Board (TPB). You can check TPB registration to see if they are registered. Single individuals and traders can use the ATO myTax system to submit tax returns online. More information about myTax can be found on the ATO website.
Paying your tax online is a fast, convenient and secure way to do business. The ATO offers a range of online services to make payment easier. You can pay your tax by BPAY, direct credit or direct debit. You can also make mail payments or payments through your local post office.
However, if you face troubles in filing a tax return online , it is always advisable to consult an expert. Since, a lot depends on how your online tax return is filed.
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