Austria — Business: Annual Compliance

Key facts

• Annual compliance in Austria for businesses involves filing an annual financial statement (Jahresabschluss) with the relevant authority, usually within 9 months after the end of the fiscal year.

Steps

1. 1. Determine the Relevant Authorities and Deadlines — Identify the relevant authorities and deadlines for submitting the annual financial statement, including the tax authority and any other regulatory bodies that may be involved.
2. 2. Prepare the Annual Financial Statement — Prepare the annual financial statement according to Austrian accounting standards (HGB) and tax laws, including all required financial statements and supporting documentation.
3. 3. Submit the Annual Financial Statement — Submit the annual financial statement to the relevant authorities, along with any required supporting documentation, such as the tax clearance certificate.
4. 4. Obtain Tax Clearance Certificate (Optional) — If required, obtain a tax clearance certificate from the tax authority before submitting the annual financial statement.

Costs

• Costs of tax clearance certificate (if required): varies depending on the type of business and industry

Timelines

• Submission deadline for annual financial statement: 9 months after the end of the fiscal year

Required documents

• Annual financial statement (Jahresabschluss)
• Tax clearance certificate (Steuerbescheinigung)
• Supporting documentation, such as audited financial statements and tax returns

Common mistakes

• Failing to submit the annual financial statement on time, resulting in penalties and fines.
• Not preparing the annual financial statement according to Austrian accounting standards (HGB) and tax laws, leading to rejection by the authorities.