Business Activity Statements (BAS)

If you have business and also registered for GST, You need to lodged a Business activity statement.

Your BAS will report ATO and help to pay.

If you have a business registered for GST you need to lodge a business activity statement (BAS).

Your BAS will help you report and pay your:

  • goods and services tax (GST)
  • pay as you go (PAYG) instalments
  • PAYG withholding tax
  • other taxes.

For registration of GST, you need Australian business number (ABN) n you register for an Australian business number (ABN)  and once you register with GST, ATO will automatically send you a BAS when it is time to lodgement.

How to lodge your BAS

Tax payers have a lot of options to lodge your BAS and register your GST through ATO. 

Most businesses prefer to lodged their BAS through online rather than other options. If you missed or not lodged on time. The penalty may apply on due lodgement through ATO.Even if you are not able to pay, You need to lodge on time to avoid penalty.

Due dates for lodging and paying your BAS

If you lodged your GST, the due date for lodging and payment due is available in your business activity statement (BAS).

In some cases the due date is the weekend or the day of public holiday, you can lodge by the next business day to do the lodgement.

Your GST reporting and payment cycle is listed below and you can do any either:

  • Quarterly – If your company GST turnover is $20 million or less- no need to do a report monthly.
  • Monthly – if your company or other GST turnover is $20 million or more.
  • Annually – if you are voluntarily registered for GST and your GST turnover is below $75,000  and $150,000 for not-for-profit bodies
  • A registered tax or BAS agent can help you lodge your activity statements.

You can put reminder for lodgement or our tax advisor team will help to  remind you to do lodgement for GSt return. Also, you can set reminder through ATO app.

In some cases like if some event happened like natural disaster, Tax payers may have different due date.See also:

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

Collectables

Collectables include below listed items for personal use or enjoyment includes:

  • paintings, sculptures, drawings, engravings or photographs; reproductions of these items; or property of a similar description or use
  • jewellery
  • antiques
  • coins or medallions
  • rare folios, manuscripts or books
  • postage stamps or first day covers.

A collectable is also:

  • an interest in any of the items shows above
  • A debt come from any of above items
  • An option of those above iteams

You disregard any capital gain or loss you make from a collectable if any of the following apply:

  • If you have collectables vale $500 or less
  • If you get interest in the collectables and have value for $500 or less and acquired before 16 December 1995
  • If you get interest in the collectables and have market value of $500 or less

If you dispose of individual collectables after 16 December 1995 , You are exempt from paying CGT and have value $500 or less.

Capital losses help to reduce liability of capital gains from other collectables. However, If you don’t get any capital gain from other collectables in the same year, You will carry forward the losses in the future year. There is no such timeframe to carry forward the past losses in the future year for net capital loss on the collectables.

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

Medicare levy surcharge 2020

If you don’t have private hospital cover and your income is above income threshold , you may need to pay medicare levy surcharge(MLS).

In some cases, if you have private health insurance cover and , tax payer won’t to pay Medicare levy surcharge, it’s depending on your income, you may be eligible for private health insurance rebates. This rebate is an amount the government contributes for  the cost of your private health insurance premiums for tax payer.

You may get exemption for part or full year but you need to provide information in your tax return.

Depending on your situation, the Medicare levy, the MLS or taxpayers  private health insurance rebates may impact the refund which is received from ATO or the tax you owe.

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

Amounts that you do not pay tax on 2020

You might have received amounts from Australian Goverment that you do not need to include as assessable income on your tax return.

ATO will divide these types of income in three categories:

  • exempt income that no need to pay tax
  • non-assessable non-exempt income
  • some other amounts that are not taxable

If you get confused about which income is consider as exempt income or non assessable non exempt income or some other amount are not taxable, you can contact us on 1300 768 284.

Exempt income

Exempt Australian Government pensions, allowances and payments that you don’t need to pay tax

  • Carer adjustment payment (CAP)
  • Carer payment where:
  • both the carer and the care receivers are under age-pension age, or
  • the carer is under age-pension age and any of the care receivers has died
  • Defence Force income support allowance (DFISA) payable to you on a day when the whole of your social security pension or benefit,
  • Disability support pension paid by Centrelink to a person who is under age-pension age
  • Double orphan pension
  • The veteran is under age-pension age who get Invalidity service pension
  • Veterans' Affairs disability pension and allowances, war widows and war widowers pension
  • Wife pension where both the recipient and their partner are under age-pension age, or the recipient is under age-pension age and their partner has died
  • Partner service pension where either
  • the partner excluding the non-illness separated spouse of a veteran
  • the partner is under age-pension age and the veteran has died receiving an invalidity service pension

This above income is listed by ATO.

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

People with Disability

According to legislation introduced in 2017, If you previously plant and equipment, you are not able to do claim as a deduction who decline in value.

If the investor lives in their rental property while renovating, and if you installing any new assets which will considered as previously used.

Therefore, the investor gets risk for only tax benefits.

But on the other side, one good reason for investor is that while installing new plants and equipments assets and then rented out; you may be eligible to claim depreciation deduction from ATO. Please note that the 2017 legislation does not affect buyers of brand-new property.

Brand new property generally holds high value in market.

Structural assets includes new walls, kitchen cupboards, toilets and roof tiles are also unaffected by the legislation changes and it can be claim by owners.

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

New Year Tax Tips

We have very experienced and best adviser agent available for your help.

So why you want to worried? Contact us for help and advice.

There are some important things which directly affected to small business owners for this time of the year.

  • Please always consider due dates for your tax returns. If you lodged your tax return by registered agent, the deadlines for tax returns for the year ended June 30, 2020. In a case if you forget to do lodgement on time, you may be penalise by ATO.
  • Understand your cash flow. ATO obligations are important and you should give priorities to your money.
  • Make strategies for your businesses, so it’s become successful. There are many businesses which jump in market with new excitement. So set up your business accounting and trained your staff accordingly. So investor can boost money from company.
  • There is a big difference in GST, income Tax and PAYG withholding. Some business have big amount of withholding while some have not. So Don’t rely on individuals personal opinion. Your tax agent is your best friend to explain all of these.
  • Make a different bank accounts and save money for GST and income tax. So, it’s really easy and peacefully to paying ATO easily which you make separate bank account and save money.
  • You can also contact us for your BAS. our registered agent will help you and try to give best advice for your return.

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

Tax Planning Recommendations

‘Tax time’ is really busy time for taxpayers as well as registered agents.

But if you have forward thinking and pre-planning, you could have yourself feeling confident, organised and ready to tackle the tax man and ready to any delay.

There is an old notion aiming to put a positive spin on tax liabilities that the more tax you pay means the more money you are making. 

We help to do your lodgement as soon as possible and try to get maximum refund.

You can contact us for any information.

  • Defer income: Please Consider delaying or bringing forward invoicing, excluding unearned assessable income, whether ‘cash basis’ accounting may be available to you. Bad debts: Write off any no collectable receivables before year-end.
  • Prepayments: Please consider any payments which occurred during the year.
  • Obsolete stock: analysis inventory for any non-sellable items that should be scrapped, or slow-moving items that could be written down to correct value at the end of the year.
  • Instant asset write-off: The higher threshold of $30,000 assets would be instant written off.
  • Obsolete fixed assets: analysis plant, equipment, furniture and other fixed assets (per your depreciation schedule) for any items no longer operative to be scrapped.
  • Capital gains tax: Consider realising capital losses to offset capital gains made during the year
  • Employee superannuation: please consider employees fund at the end of the year.
  • Personal superannuation: Apply 10% of the maximum earnings implementing so be careful about limits.

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

The Impact of Australia’s Income Tax System

The Australian income tax system on specially company ownership structure link between investors, tax liability and the corporation ownership of listed companies by ASIC.

There is issue that the higher proportion of share and superannuation fund  in company which is fully franked dividends which is specially hold by resident taxpayers, corporate associations and company.

As a result, Foreign investors that pay either unfranked or partially franked dividends, to other company in case of foreign investors hold a higher portion of shares in companies. The Non- resident investors also called foreign investors for tax purposes.

Finally, there’s some evidence that resident tapayer investors preserve a significantly higher percentage of stocks in capital appreciating, in place of dividend paying, companies, which is constant with resident individuals seeking to utilize the tax concessions they are afforded on long-time period capital gains.

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

Tax Evasion

The tax declaration decision is legal for taxpayer to disclose their income. There is no matter your income is less than certain threshold.

In a case of, if you are failed to report your income to tax authorities, you may  penalize in depends upon your case and you liable to pay tax liabilities.

The taxpayer has choice between two scenario. First taxpayer should declare his income and second is that taxpayer may declare less income than he actually get from employer. If taxpayer go with second choice , tax authorities will investigate the amount which he got from his employer. If he is not, it’s better to go with first choice for taxpayers.

The purpose of this section is to investigate the dynamic rather than the comparative static aspects of taxpayers income declarations. To illustrate,  whether for fixed parameters such as tax rates of the year, taxpayer’s  declarations will be changed by increase or decrease over time, rather than whether in a fixed period the declaration will increase or decrease if a parameter is changed.

The main issue about declaration is that there is co- related with each other in different ways. First of all, current decision must be influenced by pas declarations and activity, since the find out penalty by ATO, and second is a, if your decision to cheat ATO today, it will affect your future mortgaging for house since, the penalty not remove by ATO.

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

SMSF (Self Management Super Fund)

If you would like to make investment decision for your fund and you’re held responsible for complying with the super and tax laws so you can set up a self-managed super fund (SMSF).

You can make a super savings by your employer and it’s major decision  and you need to have the time and skills to do it.

An SMSF must be run for the sole purpose of providing retirement benefits for the members or their dependants.

Be careful, Please don’t try to get early access of your refund unnecessarily such as to go on holiday, do your artworks to decorate your house. This is because this things are illegal.

It is important to have the time and skills to manage your SMSF. As a trustee of an SMSF you and only you are responsible to manage your SMSF within the law. in case of if you don’t , You may be penalize and you may have to face severe tax consequences.

You can find that the fees you pay for an SMSF is more than normal type of super fund.

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