In this guide:
Individual Tax Return
Xero & QBO have methods i.,e. location, division, tags that allow multiple businesses under a single ABN to be recorded effectively. Learn more - https://help.lodgeit.net.au/support/solutions/articles/60000713807-business-worksheet-financials-imported-from-qbo-
Company Tax Return
Conslidate use Excel to record the business 1 & 2 data, then get the sum and key it into LodgeiT item 6 . Attach the Excel file via LodgeiT "Files" to store the supporting document
Business income and expenses should be reported under item 6 of the company tax return.
- Business income is included in the "Income" portion of the calculation of total profit or loss.
- Business expenses are included in the "Expenses" portion of the calculation of total profit or loss.
Partnership Tax Return
Conslidate use Excel to record the business 1 & 2 data, then get the sum and key it into LodgeiT item 6 . Attach the Excel file via LodgeiT "Files" to store the supporting document