Taxation Services
Company, Trust & Partnership Tax Returns
PHC & Associates prepares and lodges income tax returns for companies, discretionary and unit trusts, and partnerships — ensuring full ATO compliance, correct tax treatment, and timely lodgement for every entity type.
1000+
Clients Advised
CPA
Certified
Monthly
Board Packs Delivered
What's Included
Everything Handled for You
Preparation and ATO lodgement of company, trust, and partnership tax returns
Calculation of taxable income, tax payable, and franking credits
Trust distribution resolutions and beneficiary income allocations
Partnership income statements and individual partner schedules
Division 7A loan and deemed dividend management
Intercompany loans, unpaid present entitlements (UPEs) & unpaid trust distributions
Small business entity concessions and instant asset write-off claims
Carried forward losses and franking account reconciliation
ASIC annual review fee treatment and company secretarial coordination
Post-lodgement ATO correspondence and audit support
Which Entity Are You?
Company, Trust or Partnership — Know the Difference
Each entity structure has different tax rules, rates, and lodgement obligations. Here's a quick overview of each.
Company Tax Return
A company is a separate legal entity that pays tax at the corporate rate (25% for base rate entities, 30% otherwise). It files its own annual income tax return and must maintain a franking account to track tax paid on dividends distributed to shareholders.
Trust Tax Return
A trust is not a taxpayer itself — it files a return to report income, then distributes that income to beneficiaries who pay tax at their own rates. Trustee resolutions must be made by 30 June each year. Undistributed income is taxed at the top marginal rate.
Partnership Tax Return
A partnership is also not a separate taxpayer — it lodges a return to calculate net income, which is then allocated to each partner in proportion to their interest. Each partner includes their share in their own individual or entity return.
Documents Required
What to Bring
Please have the following ready before your appointment — it helps us get started faster and ensures nothing is missed.
Entity Details
- ABN / ACN
- Entity name and registered address
- Prior year tax return
- Trust deed or partnership agreement
- ASIC annual statement (companies)
Financial Records
- Profit & loss statement
- Balance sheet
- General ledger / trial balance
- Bank statements
Income & Distributions
- Dividend and franking credit records
- Trust distribution minutes (signed before 30 June)
- Loan account details (Div 7A / UPEs)
- Rental or investment income records
- Intercompany loan agreements
Deductions & Assets
- Depreciation schedules
- Asset purchase/disposal records
- Carried forward loss schedules
- PAYG instalment summaries
Lodgement Deadlines
Key Dates by Entity Type
Deadlines vary by entity type and whether you lodge via a registered tax agent. We manage these on your behalf.
| Entity Type | Standard Due Date | Agent Lodgement Date | Notes |
|---|---|---|---|
| Company | 28 February | 15 May (most companies) varies by prior year tax position |
Tax paid on company income at 25% or 30%. Franking account must be maintained. |
| Trust | 31 October | 15 May (via registered agent) | Trustee resolutions must be made by 30 June. Undistributed income taxed at top rate (47%). |
| Partnership | 31 October | 15 May (via registered agent) | Partners include their share of net income in their own returns. Partnership itself pays no tax. |
| Company (large) | 28 February | 28 February | Entities with taxable income > $2M in prior year must lodge by 31 January or 28 February. |
* Dates shown are for the 2024–25 income year. As registered tax agents, PHC & Associates receive extended lodgement schedules that defer most deadlines to 15 May.
ATO Focus Areas
Common Mistakes & ATO Risk Areas
The ATO actively targets these issues in business entity returns. We check all of these as part of our review process.
Division 7A Breaches
Loans or payments from a company to shareholders or associates that aren't properly documented as Div 7A loans or repaid by lodgement date are treated as unfranked dividends — triggering unexpected tax liabilities.
Invalid Trust Distributions
Trust distribution resolutions must be made and documented before 30 June each year. A missing or improperly worded resolution means the trustee — not the beneficiaries — is assessed at the top marginal rate of 47%.
Unpaid Present Entitlements (UPEs)
When a trust distributes income to a corporate beneficiary that remains unpaid, the ATO may treat the UPE as a financial arrangement subject to Div 7A rules. Proper sub-trust arrangements or loan agreements are required.
Incorrect Base Rate Entity Status
Companies must meet the base rate entity (BRE) test to access the 25% tax rate. Passive income exceeding 80% of assessable income disqualifies the entity — a common error that results in underpayment.
Private Use of Business Assets
Personal use of company or trust assets — cars, properties, equipment — without appropriate charges or FBT reporting is an active ATO compliance focus, particularly in closely held structures.
Loss Carry-Forward Errors
Prior year tax losses can only be carried forward if continuity of ownership tests (or the same business test) are met. Incorrectly applying losses to reduce taxable income is a frequent audit trigger.
How It Works
Your Step-by-Step Roadmap
Six clear steps from engagement to lodgement.
Book Appointment
Book online or call us. We confirm which documents are needed for your entity type.
Submit Records
Send financials securely via our client portal or bring them in.
We Prepare Return
Our team reviews your accounts and prepares the return with all correct schedules.
Review & Approve
We walk you through the return, explain the tax position, and get your sign-off.
ATO Lodgement
We lodge directly with the ATO via our registered agent portal.
Ongoing Support
We stay available for ATO queries and planning for the next financial year.