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

Jimmy Van
Jimmy Van Member Posts: 4
edited August 2019 in Reckon One
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

Comments

  • Michael Macleod
    Michael Macleod Member Posts: 22
    edited January 2017
    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
  • Jimmy Van
    Jimmy Van Member Posts: 4
    edited October 2016
    Thanks for your help Michael - this makes sense.

  • Jimmy Van
    Jimmy Van Member Posts: 4
    edited October 2016
    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
    Michael Macleod Member Posts: 22
    edited October 2016
    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
  • Jimmy Van
    Jimmy Van Member Posts: 4
    edited October 2016
    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