Different Types of Reporting for GST Quarterly Reporting

If you try to lodged online more than others, you may get extra two weeks to lodged and pay your quarterly BAS.

 

Quarter

Due date

1. July, August and September

28 October

2. October, November and December

28 February

3. January, February and March

28 April

4. April, May and June

28 July

Please keep in mind that if you missed the lodgment, the payment does not apply for quarter 2, this is because the due date includes already 1 month of extension.

Monthly reporting

The due date to pay your return as well as BAS is the 21st day of the month following the end of the taxable period. For example, an August monthly BAS is due on 21 Septembar.

If you have to register your GST, if you have business GST turnover is $20 million or more, and you can lodge your activity statement via online and ATO will also notify you of the statement.

Schools and other related associations can get deferral for December activity statements. And issued with a deferral due date.

Annual reporting

If you want to lodge your GST and want to pay, the due date for annual GST return is 31 October.

If you are not able to do your tax return or you missed your tax return then the due date is 28 February for the following financial year for tax period.

If you get service from us or any registered tax and BAS agent, dates may apply differently.

Changing your reporting and payment cycle

Depending on your Situation and requirement, you may be able to change how often you lodge and pay for GST return.

If you really want to change to do GST payment as well as want to change your reporting period,then you need to do it very early. For example,  in the first month of the quarter or at the beginning of the financial year. You need to keep in mind that you can change the cycle straight away otherwise, the new cycle will take effect from the start of the next quarter or year.

For more information on online tax return 2020, Tax Return 2020, myGov 2020, myTax 2020 or any other tax related matter, please call our professional accountant on 1300 768 284 or you can email us at enquiry@taxrefundonspot.com.au

GST and Property

Tax payers or individuals who want to sell, give on lease or transfer the lease are required to register Goods and services tax (GST) on property by ATO guidelines.

In this stage we usually speak more common words like property instead of using the legal term “real property”.

Property can be defined as:

  • land
  • land and buildings
  • an interest in land, rights over land or licence to occupy land of individual

By ATO term of supply includes sale, lease, transfer of rights, or similar dealings in property.

The GST treatment of property varies depending on the type or its purpose.

Property and registering for GST

You don’t need to registered GST if:

  • If you do your property transactions are for private purposes rather than work purposes, such as constructing your home or selling your home
  • you only receive residential rent from your property rather than business purposes

However,You need to registered your GST, even if you are not a business transactions, 

If you have:

  • The property transaction of your business  and other taxable transactions is greater than GST threshold amount
  • your activities are Considered as ‘entity’ or ‘enterprise’ for example –  If you buy land or house for profit purposes and again resale for more money and only intention to gain profit. So here, one-off property transactions may be related to an enterprise.

If you really want to register for GST, You need to require ABN first.

If you’re required to register for GST you need an ABN.

For more information on online tax return 2020, Tax Return 2020, myGov 2020, myTax 2020 or any other tax related matter, please call our professional accountant on 1300 768 284 or you can email us at enquiry@taxrefundonspot.com.au

Registering for GST 2020

Individuals can contact us for GST registration or online services. Our expert team are ready to help at any time. This type of registration is called standard GST registration.

If you operate one business or more than one, You only need to do registration for GST once only. So here doesn’t matter if you have one or more business.

When to register

If you are not too sure about registration, you can contact our expert team. We are tax agents and ready to help at any time. One more important thing that you need to keep looking at is your income and check each month to see if it’s reached out at a certain GST threshold or not. If you can see it’s reach out there, you need to register your GST within 21 days with a relevant threshold.

You must need to registered your GST through ATO if:

  • GST turnover= Gross income – GST

If your company has GST turnover $75,000 or more

  • When you start a new business and expecting that your turnover will be reach out to GST threshold or more in within the first year
  • If you have business and seems like rech to the GST threshold or more
  • If you have organization and have running for NON Profit and turnover will exceed of $150,000 per year or more than that so you must registered your GST
  • If you lease or rent taxi or limousine for your travel passengers, You need to registered your GST
  • if you want to claim fuel tax credits for your business or entity

There is no mandatory  to register your GST but it’s optional, if your business or entity does not fit into one of these categories and still want to register, generally you must stay registered for a minimum 12 months.

How to register

You need Australian Business Number, If you really want to register your GSt. If you register your business name, you need an ABN at the first stage.

Once you have an ABN, you can register for GST:    

  • Via Tax agent
  • By call on 1300 768 284
  • You can email us for any help enquiry@taxrefundonspot.com.au
  • You can come through at our office and meet our expers
  • by completing the Add a new business account (NAT 2954) form. 

ATO will notify you for registration details and business activity.

For more information on online tax return 2020, Tax Return 2020, myGov 2020, myTax 2020 or any other tax related matter, please call our professional accountant on 1300 768 284 or you can email us at enquiry@taxrefundonspot.com.au

ATO Stuns Gold Refiners with Victory in $250m GST Case

The country’s biggest Gold refining industry left reeling and case against the ATO. Now they are targeting a $1 billion tax fraud  with involving Middle Eastern criminal gangs. This report is published in Sydney Morning Herald on 20th December 2019.

According to the ATO, the tribunal found that the country’s biggest refiner, EBS, claimed wrongly input tax credits as well as unconcernedly claim on GST.

The refining industry has been in the ATO’s crosshairs for at least six years on scale tax fraud, in a scam made possible by loopholes in the GST Act.

Gold bullion no need to pay GST and it’s depend on their currency.

For more information on online tax return 2020, Tax Return 2020, myGov 2020, myTax 2020 or any other tax related matter, please call our professional accountant on 1300 768 284 or you can email us at enquiry@taxrefundonspot.com.au

GST (Goods and Services Tax) – Tax Refund On Spot

If you’re not registered for GST, check each month to see if you’ve reached the threshold, or are likely to exceed it. You need to register within 21 days of your GST turnover exceeding the relevant threshold.

You must register for GST:

  • If your business has a turnover( gross income – GST) of $75000 or more
  • when you start a new business and expect your turnover to reach the GST threshold (or more) in the first year of operation
  • if you're already in business and have reached the GST threshold
  • if you have non-profit organisation has a GST turnover of $150,000 per year or more
  • when you provide taxi or limousine travel for passengers (including ride-sourcing) regardless of your GST turnover – this applies to both owner drivers and if you lease or rent a taxi
  • if you want to claim fuel tax credits for your business or enterprise.

If your business or enterprise doesn’t meet one of these criteria so, registration for GST is not mandatory.

If you choose to register, generally you must stay registered for at 1 year.

If you don’t register for GST and you may required to lodged GST, you may have to pay GST on sales if your turnover reach at certain amount, you may required to register.

You may also have to pay penalties and interest.

For more information on online tax return 2020, Tax Return 2020, myGov 2020, myTax 2020 or any other tax related matter, please call our professional accountant on 1300 768 284 or you can email us at enquiry@taxrefundonspot.com.au

GST For Taxi Drivers

For GST purposes, the word taxi means a car (vehicle) made offered for public hire that is used to transport passengers for fares.

State and territory laws adaptable transportation of passengers contain exact definitions of the term taxi. It is possible for a vehicle to be a taxi for GST purposes, but not for state and territory regulatory purposes.

This information clarifies how the tax laws ATO control apply to ride-sourcing.

ATO express no view concerning whether ride-sourcing vehicles are taxis within the state and territory specific definitions, or on the authority of ride-sourcing arrangements.

Ride-sourcing is an ongoing arrangement where:

  • you (a driver) make a car available for public hire
  • a passenger uses, for example, a website or smart phone app provided by a third party (facilitator) to request a ride
  • you use the car to transport the passenger for payment (a fare) with a view to profit.

Ride-sourcing arrangements can be enabled by a skill platform maintained by a third-party facilitator. Typically, a website or mobile device purpose is used to make easy a transaction between a driver and a passenger.

This may not be applicable if:

  • non-commercial car-pooling arrangements where passengers contribute petrol money or other planning where there is no view to profit
  • car sharing arrangements where multiple users have way in to a car which they use to drive themselves from one location to another
  • arrangements that use vehicles other than cars, for example motorized tricycles
  • arrangements where a car is used only to transfer passengers for a particular purpose, for example a wedding or a funeral procession, and which is not made available more generally to ship members of the public from one place to another.

For more information on myTax 2018, myGov 2018, Online Tax Return 2018 , or any other related matterplease contact us at 1300 768 284 or you can email us at enquiry@taxrefundonspot.com.au

GET FREE Tax Refund estimate and Option of getting refund in 1 Hour, prior year Tax returns are also available, Just fill in your basic details on our website at www.taxrefundonspot.com.au or by emailing us on enquiry@taxrefundonspot.com.au we will check your employment history from ATO records, personal visit available at tax refund on spot.

We also have our separate department for Home loan, refinancing, car & truck loan.

Goods and Services Tax (GST)

GST is a broad-based tax of 10% on the majority goods, services and other items sold or consumed in Australia.

Generally, businesses and other organizations registered for GST will:

  • include GST in the cost they charge for their goods and services
  • claim credits for the GST included in the price of goods and services they buy for their business.

What you need to do for GST

If you run a business or other enterprise and have a GST turnover of $75,000 or more ($150,000 or more for non-profit organizations) or you provide taxi travel – you need to:

  • register for GST
  • work out whether your sales are taxable (that is, subject to GST, and not exempted because they are GST-free or input-taxed) and include GST in the price of your taxable sales
  • issue tax invoices for your taxable sales and obtain tax invoices for your business purchases
  • claim GST credits for GST included in the price of your business purchases
  • account for GST on either a cash or non-cash basis and put aside the GST you have collect so you can pay it to us when due
  • lodge activity statements or annual returns to account your sales and purchases, and pay GST to us or accept a GST refund.

You must register for GST if:

  • your business or enterprise has a GST turnover (gross income minus GST) of $75 000 or more
  • your non-profit organization has a GST turnover of $150 000 per year or more
  • you provide taxi or limousine travel for passengers in exchange for a fare as part of your business, regardless of your GST turnover – this applies to both landlord drivers and if you lease or rent a taxi
  • you want to maintain fuel tax credits for your business or enterprise.

If your business or enterprise doesn’t fit into one of the above categories, registering for GST is possible However, if you choose to register, you usually must stay registered for at least 12 months.

For more information on myTax 2018, myGov 2018, Online Tax Return 2018 , or any other related matterplease contact us at 1300 768 284 or you can email us at enquiry@taxrefundonspot.com.au

GET FREE Tax Refund estimate and Option of getting refund in 1 Hour, prior year Tax returns are also available, Just fill in your basic details on our website at www.taxrefundonspot.com.au or by emailing us on enquiry@taxrefundonspot.com.au we will check your employment history from ATO records, personal visit available at tax refund on spot.

We also have our separate department for Home loan, refinancing, car & truck loan.

GST – Applying to Digital Products and Other Services Imported by Consumers

The government announced the application of the Goods and Services Tax (GST) will be extended to cross-border supplies of digital products and other services imported by Australian consumers. This includes digital products such as streaming or downloading of movies, music, apps, games, e-books as well as services such as architectural or legal services.

GET FREE Tax Refund estimate and Option of getting refund in 1 Hour, prior year Tax returns are also available, Just fill in your basic details on our website at www.taxrefundonspot.com.au or by emailing us on enquiry@taxrefundonspot.com.au we will check your employment history from ATO records, personal visit available at tax refund on spot.

We also have our separate department for Home loan, refinancing, car & truck loan.

For more information on myTax 2018, myGov 2018, Online Tax Return 2018 , HECS, Tax related or any other related matterplease contact us at 1300 768 284 or you can email us at enquiry@taxrefundonspot.com.au

GST Installments

If you elect to pay GST by installments, you pay a quarterly GST installment that ATO will work out for you and you report your genuine GST information yearly on an annual GST return.

ATO will work out the installment amount to pay based on:

  • the net GST amounts you most recently reported, generally for the past income year, depending on how long you have been registered for GST
  • a gross domestic product (GDP) adjustment.

If you think that using this amount will mean you pay more or less than the GST liability you expect for the year, you can vary it. However, penalties may apply if the total amount you paid for the year is less than you should have paid.

If you pay the installment amounts we set for you and your GST liability for the year turns out to be more than what you have paid, ATO  will  not  punish you.

For more information on Etax, myTax ATO and online tax return, please contact us at 1300768284 or you can email us at enquiry@taxrefundonspot.com.au