Tax filing services

According to the Hong Kong Inland Revenue Ordinance, any person, including corporations, partnerships, trustees or groups, who engages in any trade, profession or business in Hong Kong and obtains assessable profits arising in or derived from Hong Kong from such trade, profession or business, shall pay tax. However, faced with a series of various accounts and complicated corporate tax filing regulations, many companies need to spend a lot of time to understand the tax filing process and deal with various problems.

As an experienced tax filing company, China Australia Accounting Firm can handle all kinds of company tax filing matters for you, saving you time to delve into tax filing knowledge.

Our professional team will strive to provide customers with one-stop corporate tax reporting services in accordance with the requirements of the tax bureau. We also hope that through the services of this tax reporting company, we can save time for each unit and provide accurate financial reports so that you can focus on business development.

Introduction to Hong Kong Tax System

1. According to Section 14 of the Inland Revenue Ordinance, any person, including an individual, company, partnership or trustee, who carries on a trade, profession or business in Hong Kong shall pay tax on assessable profits earned in or derived from Hong Kong. Taxpayers are required to submit profits tax returns to the Hong Kong Inland Revenue Department every year.

2. The current corporate income tax rate is 16.5%

3. Only income and profits earned in or derived from Hong Kong are taxable

4. No sales tax, value-added tax, dividend tax or interest tax. No capital gains tax.

Our services include: Limited Companies and Unlimited Companies (Sole Proprietorships / Partnerships)

1. Act as the company’s tax agent

2. Fill in the company tax return form and prepare the profit tax calculation form

3. Apply for offshore income exemption

4. Report extension and objection

5. Assist in processing and responding to letters and investigations from the tax bureau

6. Provide tax advice and planning to legally reduce tax burden

Personal

1. Fill out and submit personal tax return

2. Fill out and submit property tax returns

3. Tax Exemption

4. Application for extension and objection

5. Assist in processing and responding to letters and investigations from the tax bureau

6. Provide tax advice and planning to legally reduce tax burden

雖然大家已交稅多年，但年年填報稅表時都不會掉以輕心，怕遺漏任何「扣稅」位。無論你是職場新手或工作多年，單身或已婚，先睇睇以下的10大常
見報稅問題，填表時打醒十二分精神，小心「拆彈」呀！

Top 10 Frequently Asked Questions about Tax Filing

1. Freelancers don’t have to pay taxes if their wages are not high?
Don’t think that you don’t have to file tax returns just because you are working freelance or part-time. Whether you are full-time, part-time, a freelancer or self-employed, you have to file tax returns.
2. Do I not have to file a tax return if I have not received a tax return form?
Wrong, you have to file a tax return as long as your income exceeds the basic personal tax exemption amount (the basic tax exemption amount for the 2019/20 tax year is $132,000). If you know you have to pay taxes but have not received a tax return, you should take the initiative to notify the tax department.
3. Is it safe to file tax returns with your employer?
Who says employers never make mistakes? Don’t just copy your employer’s tax return verbatim. If you add an extra zero to your income, the final tax amount can be very different. It’s better to be safe than sorry. Check it yourself.
4. What are the tax exemptions?
In addition to the basic tax exemptions that taxpayers automatically enjoy, they can also apply for the following tax exemptions based on their individual circumstances:

5. If my parents are still working, can I apply for parental tax exemption?
Even if the parents still have income, children can apply for the dependent parent exemption for parents over 55 years old. The exemption for each parent cannot be shared by multiple people, and siblings must first agree on who will apply.
6. Will the mandatory MPF contributions be automatically deducted?
Many people think that mandatory MPF contributions are “mandatory” and the tax bureau will automatically deduct them. This is not true. If you miss any information, it will be considered as a waiver and you will lose the $18,000 deduction.
7. Which tax deduction areas are more likely to be missed?
Remember to pay attention to the two items of recognized charitable donations and personal education expenses. Cash donations of not less than $100 can be deducted as long as you keep the receipt. If you enroll in a course that is directly related to your work and the course is organized by a qualified university or industry association, you can also deduct the course and examination fees.
8. What new tax deduction items have been approved?
The three newly added tax deduction items, commonly known as the three treasures of tax deduction, include Qualified Deferred Annuity Policy (QDAP), MPF Tax Deductible Voluntary Contributions (TVC) and Voluntary Health Insurance Scheme (VHIS).
9. What is the difference between physical return and online return? What are the consequences of late return?
Physical tax returns must be returned to the IRD within one month from the date of issue. The deadline for online tax returns can be automatically extended by one month. Late filing of tax returns will result in fines or prosecution, and may also cause you to pay more tax because the IRD will not receive your tax exemptions and deduction applications and will only unilaterally estimate the tax based on your "basic tax exemptions".
10. What if I missed out on filling in tax exemption/tax deduction information?
If you use a physical tax return, you can fill in the missing information in the format required by the tax return, or use the special form of the tax department to make corrections. If you file your tax return online, you can log in to your account and fill in the details of the information to be supplemented in the "Supplementary Information" column.