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Tax return for new company that’s losing money

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Newbie

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Hi there,
I registered my small company in August 2018 with myself being the only director of the company and no other employees. I’ve been taking out money from my personal account to start off the business and pay off business expenses, but the company is barely earning any income to cover the costs, so I’ll be closing and deregistering it at the end of October 2019. My question is will I still need to lodge in a tax return for the previous financial year? If yes, must it be done through a tax agency or can I lodge it in myself? (Btw, I have not lodged in any quarterly tax reports or any other tax related materials for the past financial year.) Cheers!
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Devotee

Replies 2

Hi scorpion,

 

Yes the company needs to do a tax return. You can do it yourself (ATO website for help on how).

 

If you have put money into the business that you never had repaid, there may be a loss you can claim personally - which may be a good reason to see an accountant to ensure that is done correctly.

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Most helpful response

Devotee

Replies 2

Hi scorpion,

 

Yes the company needs to do a tax return. You can do it yourself (ATO website for help on how).

 

If you have put money into the business that you never had repaid, there may be a loss you can claim personally - which may be a good reason to see an accountant to ensure that is done correctly.

Newbie

Replies 1

Thank you very much!
Must the company remain registered on ASIC before the tax return process is fully completed? If I deregistered my company later this calendar year, will another tax return be required for the current financial year after 31/07/2020?

Community Moderator

Replies 0

Hi @scorpion9900,

 

ASIC do not have any requirements on their page about voluntarily deregistering a company about completing your tax return. You will just need to make sure you meet all the requirements on the page I have linked.

 

You would still have to do a return if your company was operational at any point during the financial year.

 

Thanks, NateH