Electronic Lodgement
The company tax return for year of assessment 2002 is intended for electronic submission. Every company applying for this option is provided with its own personalised return, through the e-Return application. The personalised e-Return incorporates, besides other details, the names of directors and shareholders according to the Registrar of Companies, the income tax payments for the year and a specific key unique to the company. The e-Return may only be used for electronic filing.
One of the main advantages of e-Return is that its completion may be carried out offline, thus reducing the connection costs of filling out this multiple page document.
Companies may apply for their personalised e-Return through their tax representative.
By using e-Return you and your tax practitioner will benefit from:
- Electronic and Faster Acknowledgements: an acknowledgement will be issued on-line
- Electronic Validations: the validations and warnings in-built in the e-Return will warn you of whether there are errors or missing information before you submit the Tax Return
- Accuracy: manual keying will be eliminated and there will be no need for subjective interpretation of data
- Better Time Management: the accuracy and error-checking in the electronic lodgement environment will reduce unnecessary enquiries
- Reduced Paper: you will not have to send paper copies of the Tax Return or Financial Statements
- Improved Taxpayer Services: information will be available from your tax practitioner's PC over 24 hours
Use of electronic communications with respect to the filing of Income Tax Returns is voluntary. For those companies opting for manual filing the Inland Revenue has also issued a spreadsheet version that may be completed, printed and submitted through the usual process accompanied by the barcoded Income Tax Return that was sent out to companies by the Inland Revenue.
The spreadsheet may be downloaded and used with immediate effect.
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