Your company tax return, prepared properly and lodged on time
A company tax return is only as good as the numbers underneath it. If the financial statements are rushed, the return is wrong, and the mistakes usually surface later as an ATO letter, a missed deduction or a loan that should have been documented.
New Wave prepares business tax returns for companies, trusts and partnerships, together with the financial statements that support them. Every file is reviewed by a senior accountant before it is lodged, your returns sit on our tax agent lodgement program, and we deal with the ATO for you on the returns we lodge.
This work sits inside our fixed monthly compliance package, alongside BAS, tax planning and ASIC compliance. For the full package, see business accountants.
What we prepare
- Company tax returns. For trading companies, holding companies and investment companies, including the franking account and dividend records.
- Trust tax returns. Family and discretionary trusts, unit trusts and the trustee company that sits above them, with distributions checked against the trustee’s resolutions.
- Partnership tax returns. Including each partner’s share of profit flowing through to their own return.
- Owners’ individual returns. For the directors, partners and family members of the businesses we look after, as part of the group. We don’t take on individual-only returns.
- Financial statements. A profit and loss statement, a balance sheet and notes for each entity. Your bank and any buyer will ask for these too.
- ATO registrations. ABN, TFN, GST and PAYG withholding registrations when you add a new entity, quoted upfront as a setup job.
Most small proprietary companies don’t have to lodge financial statements with ASIC. Large proprietary companies generally do, and a company is “large” if it meets at least two of ASIC’s size tests on revenue, assets and employees. We will tell you which side of the line you sit.
When your company tax return is due
Because we are a registered tax agent, your returns are covered by the ATO’s lodgement program for agents. For 2025 to 2026 returns of companies with a 30 June year end, the main dates are:
- 31 October 2026 if one or more earlier returns were still outstanding at 30 June 2026.
- 31 January 2027 for large and medium taxpayers whose 2025 return was taxable.
- 31 March 2027 for companies with total income over $2 million in the 2024 to 2025 year.
- 15 May 2027 for most other companies on an agent’s client list.
- 5 June 2027 concession, where both this year and last year are non-taxable or a refund.
Trusts follow a similar pattern, with 31 March 2027 for trusts whose last return had a tax liability of $20,000 or more. Your exact date depends on your history and income, so we confirm it when you join.
Year-end checks we make before lodging
Before we lodge, we check the items that most often cause problems later:
- Division 7A loans. If the company has lent money to a shareholder or their family, that loan can be treated as an unfranked dividend unless it is repaid, or put on a complying written loan agreement, before the company’s lodgement day. We check director loan accounts every year.
- Trust distributions. Trustees generally need valid resolutions by 30 June, or the trustee can be taxed on the income at the top rate. We check the resolutions match the return.
- Unpaid distributions to a company. After the High Court’s 2026 decision in Commissioner of Taxation v Bendel, an unpaid entitlement that a company simply leaves alone is not treated as a Division 7A loan. Other rules can still apply, so we review each one case by case.
- Wages and super records. STP finalised by 14 July, super guarantee paid on time and payroll tax where it applies, checked against the accounts before we lodge.
- Assets and debts. Depreciation schedules, the asset register, stock on hand, and any bad debts, which must be written off in writing before 30 June to be claimed that year.
This is general information only. The right answer for your group depends on your own facts, which is why we look at them before we lodge.
Where BAS fits
Your BAS and IAS figures feed straight into your tax return. We prepare, review and lodge them monthly or quarterly, reconcile GST and PAYG withholding, and check they agree with the annual figures. If your books need work first, our bookkeeping team can be quoted separately.
What we need from you
- Access to your Xero, QuickBooks or MYOB file (we are a Xero Platinum Partner)
- Bank and loan statements to 30 June, for every account
- Stock on hand at 30 June, if you carry stock
- Details of assets bought or sold, and any finance agreements
- Trust resolutions and minutes, and details of any loans to or from directors
- Receipts and documents in Dext or Hubdoc, if you use them
How it works
- Free discovery call (30 minutes). We talk through your entities and tell you honestly whether we are the right fit.
- Review. We look at your last returns and statements, and flag anything we would change or amend.
- Proposal. Your returns, BAS, tax planning and ASIC on one fixed monthly package. Catch-up years, amendments and ATO reviews are quoted upfront.
- Onboarding. We request clearance from your previous accountant, add you to our client list and confirm your due dates.
- Prepare, review, lodge. Senior review before every lodgement, lodged electronically through SBR, with a plain-English summary of the result.
Behind on lodgements, or want a second look?
If earlier years are outstanding, we quote a catch-up plan upfront. If you think past returns were wrong, our second opinion tax review looks at what was lodged and whether an amendment is worth making.
Frequently asked questions
What is the difference between a company tax return and financial statements?
Financial statements show how the business performed and what it owns and owes: a profit and loss statement, a balance sheet and notes. The company tax return takes that profit, adjusts it for tax rules such as non-deductible expenses and depreciation, and works out the tax payable. We prepare both together, so the two always agree.
When is my company tax return due if New Wave lodges it?
For a 30 June company on our agent program, most 2025 to 2026 returns are due 15 May 2027. Companies with total income over $2 million in the prior year are due 31 March 2027, larger taxpayers earlier, and any company with an earlier year still outstanding is due 31 October 2026. We confirm your exact date when you join.
What happens if I owe money to my company at year end?
A loan from a private company to a shareholder or their family can be treated as an unfranked dividend under Division 7A, unless it is repaid or placed on a complying written loan agreement before the company’s lodgement day. We check director loan accounts every year before we lodge, so there is time to deal with any balance.
Do you lodge trust and partnership returns as well as company returns?
Yes. We prepare and lodge returns for companies, family and unit trusts, trustee companies and partnerships, along with the owners’ individual returns as part of the group. Distributions are checked against the trustee’s resolutions, and each partner’s share of profit is carried through to their own return.
Can you lodge returns for years that are already overdue?
Yes. We review what is outstanding, quote the catch-up work upfront, and lodge the oldest years first. Clearing earlier years matters because a company with returns outstanding at 30 June loses access to the later program dates for the current year, and its next return falls due on 31 October.
Get your next company tax return off your plate
Book a free 30-minute discovery call and we will tell you where your returns stand and what we would change. Book a FREE discovery call
Chartered Accountants | Registered tax agent 25483393 | Xero Platinum Partner