On Point Tax

Lodging a tax return

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Are you a sole trader?

  • Even if your income is below the tax-free threshold ($18,200), you might still need to lodge a tax return.
  • Do you pay PAYG instalments? Lodge your activity statements and pay all your PAYG instalments before you lodge your tax return so your income tax assessment takes into account the instalments you've paid throughout the year.

Are you in a partnership?

If you operate a business in a partnership:

  • the partnership lodges the partnership tax return, reporting the partnership's net income or loss (assessable income less allowable deductions).

As an individual partner, you report on your individual tax return:

  • your share of any partnership net income or loss
  • any other assessable income, such as salary and wages, dividends and rental income.

The partnership doesn't pay income tax on the income it earns. Instead, you and each of the partners pay tax on the share of net partnership income (if any) you receive.

Are you a trust?

  • If you operate a business through a trust, the trust reports its net income or loss (this is the trust's assessable income less allowable deductions).
  • The trustee is required to lodge a trust tax return.
  • As a trust beneficiary, you report on your individual tax return any income you receive from the trust.

Are you a company?

  • If you operate a business through a company, you need to lodge a company tax return.
  • The company reports its taxable income, tax offsets and credits, PAYG instalments and the amount of tax it is liable to pay on that income or the amount that is refundable.
  • The company's income is separate from your personal income.
Chartered Accountants Australia and New Zealand
The Tax Institute - Chartered Tax Adviser
Registered Tax Practitioners Board - Tax Agent 25996489

Our Managing Director Chris Dugan is a Fellow of Chartered Accountants Australia New Zealand, a Chartered Tax Adviser and a Fellow of the Tax Institute of Australia.

Call to have a confidential discussion about any tax or business needs.