--- title: How we prepare your tax return (Australia) description: "If you've engaged with Standard Ledger to prepare your tax return then in advance of the ATO due dates, we will: In Xero we will then either: Tax Payable Bill (example) Tax Refund receivable "invoice"" --- [Skip to content](https://support.standardledger.co/knowledge/how-we-prepare-your-tax-return#main-content) ![](https://support.standardledger.co/hs-fs/hubfs/Standard%20Ledger%20Logo_RGB_transparent.png?height=40&name=Standard%20Ledger%20Logo_RGB_transparent.png) Open main navigation Close main navigation - [Contact us](mailto:support@standardledger.co) [Contact us](mailto:support@standardledger.co) Hi, how can we help you? - There are no suggestions because the search field is empty. 1. [Knowledge Base](https://support.standardledger.co/knowledge?hsLang=en) 2. [OUR TAX SERVICES](https://support.standardledger.co/knowledge/our-tax-services?hsLang=en) 3. [Tax Returns](https://support.standardledger.co/knowledge/our-tax-services?hsLang=en#tax-returns) # How we prepare your tax return (Australia) If you've engaged with Standard Ledger to prepare your tax return then in advance of the [ATO due dates](https://support.standardledger.co/knowledge/what-are-the-key-due-dates-i-need-to-be-aware-of-for-lodgement?hsLang=en), we will: - Review all profit and loss and balance sheet transactions for the year. - If you are doing your own bookkeeping, you are responsible for entering, reconciling and allocating transactions. We only do a high level review of these allocations on your profit & loss and balance sheet, so please ensure these are allocated before we prepare your tax return. - We may need to prepare end of year adjustment journals to correctly reflect balance sheet and profit and loss, eg for depreciation, and we will always seek confirmation about any adjustments. - In Xero we try to align the accounts in Xero to reflect the company tax return. This may include: - providing reconciling items from the ATO Portal to your tax balances in your company tax return; - providing the amount of GST (payable or refund) and/or employee PAYG payable and/or any relevant PAYG income tax instalments payment, as well as any rounding to reflect the whole dollar amount payable to the ATO. - We will provide a tax reconciliation of adjustments we’ve made between your Xero accounts and the tax return, if any. - **We will also provide you an estimate of tax payable or refundable amount.** In Xero we will then either: - raise a Bill (with the ATO supplier) for net payments owing; or - raise a "sales" invoice (with the ATO "customer") for net refunds owing (eg for an R&D refund) - these will include line details for for the amount of tax (payable or refund) as well as any rounding to reflect the whole dollar amount payable to the ATO *Tax Payable Bill (example)* ![](https://support.standardledger.co/hubfs/Knowledge%20Base%20Import/lh5.googleusercontent.comOZSRYVQn63mYPJ5dmodJN6Ml3RCZX0pg98B8evS0MhX81ppoSSxpeFlXeRiCihrSm41FgTLzcmrVtcQg0W3Uq9VGK4j_DN_Pqg-1AaE9F6TkvgSh_7ne-QqNEDp.png) *Tax Refund receivable "invoice" (example)* ![](https://support.standardledger.co/hubfs/Knowledge%20Base%20Import/downloads.intercomcdn.comio55768620851822a67fab2c60642fd430image.png) **You need to electronically sign your tax return for us to lodge** - Once we’ve prepared the return for completion we will send the tax return to you for review and to [electronically sign](https://support.standardledger.co/knowledge/e-signing-your-tax-/-bas-returns?hsLang=en) / approve us to lodge on your behalf - this is also your "trigger" / reminder to pay any amounts owing. - Once signed we will then lodge with the ATO or in some cases, if instructed, delay the lodgement until the [15May due date](https://support.standardledger.co/knowledge/what-are-the-key-due-dates-i-need-to-be-aware-of-for-lodgement?hsLang=en). **Special Purpose Financial Report (SPFR)** When we prepare your tax return we will also prepare a Special Purpose Financial Report (SPFR) (sometimes known as your "Financial Statements", or you may even hear accountants refer to this as a Compilation Report) - These reports are compliant with Chartered Accountants Australia and New Zealand Special Purpose Financial Reporting (CAANZ SPFR), and Certified Practising Accountants in Australia. - The SPFR is prepared for the purposes of sending them out to decision makers (owners, financier etc) and taxation authorities. - We prepare the SPFR so decision makers have a full and accurate description of the activities that it has been involved with during the reporting periods presented. - We can customise the SPFR to your specific needs as well, although additional fees may apply. - Once finalised, the SPFR is available though the published Reports section within Xero ![](https://support.standardledger.co/hubfs/Knowledge%20Base%20Import/downloads.intercomcdn.comio5639969899203d43483c025516dfb654published+report.jpg) **Note: It is your responsibility to monitor and pay the ATO any amounts that may be owing. You may regard the electronic signature request as a reminder to pay. To pay any amounts payable please refer to the ATO payment options (incl EFT Codes, BPAY) which are shown via your [tax portal (https://portal.xero.com/)](https://portal.xero.com/) when we ask you to [electronically sign your tax return](https://5102036.hs-sites.com/knowledge/e-signing-your-tax-/-bas-returns?hsLang=en) to approve final lodgement** Note: If in future, you need to access your signed tax return you can access this by logging back into [https://portal.xero.com/](https://practicestudiohelp.xero.com/au/Tax-EsignReturn-AU) **More information** - [electronically signing your tax / BAS returns](https://support.standardledger.co/knowledge/e-signing-your-tax-/-bas-returns?hsLang=en) \[Standard Ledger article\] - [How do I pay my tax return](https://support.standardledger.co/knowledge/how-do-i-pay-my-bas-/-tax-return?hsLang=en) \[Standard Ledger article\] - [STARTUP FOUNDER INFORMATION](https://support.standardledger.co/knowledge/startup-founder-information?hsLang=en#main-content) - 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