Income tax, CGT and entities

Income tax return

An income tax return is the annual return in which an individual, company, trust, partnership or fund reports its income and claims its deductions, so the ATO can work out the tax payable. Each entity type has its own return form and rules, and the lodgment due dates depend on the entity and on whether a registered agent lodges for it under the lodgment program. A return is based on the entity's records for the income year, which for most Australian entities runs from 1 July to 30 June. After lodgment the ATO issues a notice of assessment, which the practitioner checks against the return. Mistakes found later can be corrected by amending the return.

General information, not tax advice. The rules change, so check the source page above for the current position. Fedix is developed by Tax7 R&D Pty Ltd.