Use a Registered and experienced Tax Agent who will assist you with lodging your tax return.  Tax returns cover the financial year from July 1st to 30th June the following year. The last date for self-lodging a personal return is 31 October. If you miss this date, your accountant can discuss with the ATO and request that any  penalties be reconsidered and cancelled.

If you are a business registered for GST you need to lodge a business activity statement (BAS) quarterly. Your BAS will help you- report and pay your:

Goods and services tax (GST).

1. Pay as you go (PAYG) instalments.
2. PAYG withholding tax.
3. Other taxes.

Bookkeeping is the recording, on a day to day basis, of the financial transactions and information pertaining to a business. It is concerned with ensuring that records of financial transactions are accurate, up to date, and comprehensive. It is therefore vital to the accounting process. It provides the information from which accounts are prepared. Each transaction, whether it is a purchase or sale, or change of loans etc., has to recorded.

If you sell a capital asset, such as real estate or shares, you usually make a capital gain or a capital loss. This is the difference between what it cost you to acquire the asset and what you receive when you dispose of it. You need to report capital gains and losses in your income tax return and pay tax on your capital gains.

These instructions will help you to compete your annual Partnership tax return. They are not a guide to income tax law. You may need to refer to other publications. When we say ‘you’ or ‘your business’ in these instructions, we mean either you as the partnership that conducts a business or you as the registered tax agent or partner responsible for completing the tax return.

A trust is an obligation imposed on a person or other entity to hold property for the benefit of beneficiaries. While in legal terms a trust is a relationship not a legal entity, trusts are treated as taxpayer entities for the purposes of tax administration.