Corporate Income Tax

It is time of the year every company in Australia have to lodge their income tax returns. Are you looking for a professional tax accountant to help you to reduce your tax liability? We at Linssy & Co Accountants have many years’ experiences helping our clients tax planning before and after the ends of the financial year. Our accountant can assist you more than just lodging your corporate income tax returns. We’re expertise in providing accounting and business tax services. We will endeavour to diagnosis your business and offer accounting services and tax strategies to reduce your income tax liability.

Our corporate income tax returns offer tax minimisation and providing advice to drive growth in your business. Our corporate income tax returns include:

Preparation of financial statements (includings profit and loss, balance sheet and cashflow)
Providing legal tax strategies to reduce your tax liability
Providing advice on EOFY reconciliation to maximise deductions Balance sheet reconciliation
Fixed assets reconciliation and tax depreciation claims
Finding loopholes for tax offset or tax rebates or tax credit
Providing tax planning to drive growth of your business
Financial analysis and modelling of your business

We will help you to complete and lodge all of your annual business accounting and business tax return reporting, including BAS lodgement. Our accountants possessed many years experience in providing complex business tax advice for your company.

When is my tax return due?

For all the financial year end(EOFY) on 30th of June, your tax return is due by 15th of May the following year. For example, if the financial year ending 30th of June 2023, your tax return is due by 15th of May 2024.

What is an incorporated entity?

A company is a separate legal entity, and basically limits your liability for business debts and legal responsibilities. As a director of your company, your personal exposure is limited to the amount you and any other shareholders have paid to own the company's shares. When you establish an incorporated company in Australia by registering with ASIC, you will incur tax compliance from ATO as well as ASIC compliance to operate the business as company.

A company can afford the flexibility to distribute profits to other shareholders, such as dividends. All shareholders received franked dividends are attached with franking credits that are tax credits for the tax already paid by company. A company can also claim tax depreciation expenses, deduction for employee wages/salaries and ongoing administration of the business.

A company formation can be proprietary and public company shareholders, and liability is limited to the nominal amount of their shares, so no individual’s assets are personally liable. The tax rate for a company is either 25% or 30% depend on your business turnover. In contrast the personal marginal, tax rate is 47%. Therefore, a company structure would ensure tax effectiveness and asset protection. A company structure is more complex and costly to operate than sole trader. You will incur tax compliance and adhere to ASIC regulations.

What is the costs of setting up an incorporated company in Australia?

If you’re looking to start your own company, our accountants can assist with obtaining all the legal documentation to establish an incorporated company. At Linssy & Co, we can help you to establish an incorporated Australian company under the Corporations Act 2001.