How do I run the necessary reports for the annual company tax return?

Jimmy Van

Hi,

I'm using Reckon One. Just wondering how do I run the necessary report to get the requisite figures for the annual company tax return?

I'm familiar with BAS and its reporting function, but I am specifically after a report which will feed the Company Tax Return form - https://www.ato.gov.au/Forms/Company-tax-return-2016/.

Cheers

Zappy

Can't be done. Thanks for asking. 

Michael Macleod

Your profit and loss statement is the basis for the preparation of your company tax return. Provided your have been processing all your transactions properly, the profit and loss account is the staring point for your company tax return and any accountant should be able to prepare a company tax return from that data and the balance sheet as well after he has made any necessary investigation of those statements
.
Michael Macleod

Zappy

Perhaps if you look at your previous company tax return you might get a better insight. Its not really enough to look at the profit and loss either while it can provide a starting point. The balance sheet cannot be ignored. I hope you dont expect to complete you company tax return unaided

Jimmy Van

Thanks for your help Michael - this makes sense.

Jimmy Van

Hi Kevin, this will be our first company tax return - so no previous reference. Not expecting to lodge it unaided, but simply wondering if I'd missed anything while exploring, as other software vendors offer this functionality...

Michael Macleod

Jimmy,
other software can provide a tax return in that it will take the figures from your P&L account and summarise those figures into the appropriate categories that are required in the tax return such as lease payment, superannuation etc. There is still a need for an accountant to assess  your Profit & Loss statements and balance sheet as to whether they are correct as to while the data may have been entered, there may be adjustments that need to be made such as depreciation etc

Michael macleod

Zappy

Jimmy what other software. I use them all and I know of none

Jimmy Van

Apologies Kevin, there doesn't appear to be something directly for clients, but there might be something for partners such as yourself -
https://practicestudiohelp.xero.com/au/Tax-AUGetStarted

Zappy

James This is the Reckon forum. Reckon APS will do this. If you want practice management software its a good place to start. End users dont get access to xero practice management software. Its for accountants and tax professionals. So is Reckon APS. Cheers