If you operate your business as a company, the company is required to lodge a company tax return.
In addition, the company may also have to complete the following schedules:
* Losses schedule
* Capital gains tax (CGT) schedule
* International dealings schedule
* Research and development tax incentive schedule
* Dividend and interest schedule
* Franking account tax return
Tax deductions may be claimed for most costs incurred in running your business. However, there are exceptions, such as, private or domestic expenses, entertainment, fines, etc.
There are a number of tax concessions available to small business entities (SBE).
* Simplified Depreciation Rules
* Income Tax Concessions
* Capital Gains Tax (CGT) Concessions & Rollover Relief
* Excise Concessions
* Goods & Services Tax (GST) Concessions
* Pay As You Go (PAYG) Instalment Concessions
* Fringe Benefits Tax (FBT) Concessions