Ensure you have MyGov ID prior to attempting this.
The video demonstrates the complete process for a business owner including -
- Sign up process for business entity as a entity type "company"
- Connecting with MyGov ID to ATO Access Manager
- The basic of managing your company setting and details
- Working through "getting started guide"
- Importing financial statements
- Importing accounts
Related video guide : LodgeiT Overview Process
We recommend that you seek out a skilled bookkeeper or accountant to get your accounts data file in the right order so that LodgeiT can more easily handle the automation. The better the quality of the client's books, the less time you require for compliance work.
We know you don't have the time to look into this yourself, so we have written you up an email to forward to your ACCOUNTS/ INTERNAL BOOKKEEPER with all our LodgeiT details and links so that they can determine if we are the right fit for your business (see attached "Template")
If you are a Proactive Employee, learn more HERE
If you are a "Business Owner" learn more HERE
A Basic "7-steps" to get start, click here
Other things to consider:
For a more thorough process, when a business owner decides to lodge their own tax return, they should consider the following general points:
1. Determine the need to lodge: : Ascertain whether the business is required to lodge a tax return for the relevant income year. This is obligatory for most businesses that operate within Australia, regardless of whether they have made a profit or incurred a loss.
2. Understand the due dates: For self-prepared lodgments, the due date is typically 31 October. Engaging a registered tax agent for lodgment often affords businesses an extended due date, but businesses must engage the services of a tax agent before 31 October to benefit from this extension.
3. Choose the method of lodgment: Business owners can lodge their tax returns through various methods, including using myTax for sole traders, SBR-enabled software for companies, trusts, or partnerships, or by paper.
4. Gather all relevant information: Before lodging the tax return, ensure that all necessary financial records, including income, deductions, and tax credits, are accurate and complete.
5. Calculate the correct amounts: Ensure accurate calculation of income, deductions and the tax owing or refund due. Utilize the correct rates and thresholds where applicable.
6. Lodge on time: Ensure that the tax return is lodged prior to the due date to avoid any late lodgment penalties.
7. Seek help if needed: If in doubt, contact the ATO or consult a tax professional. Eligible business owners may also consider the ATO’s Tax Help program for free assistance.
8. Use available resources: Utilize the tools and calculators provided by the ATO, such as the 'Fuel tax credit calculator', to simplify the calculation of complex items like fuel tax credits.
FAQ:
Question: I want to lodge tax returns for other companies.
Solution:
a. Signup as a "Business Entity" and get the MyGov IDs for each entity, treating each business as a your "client" in LodgeiT.
Or
b. Signup each business separately and invite each business owner to do their own MyGov I'd. Learn more here - Business Owner to Lodge for Multiple entities
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