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

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

How to Personalise Your Return in myTax

we are registered agent and help with your refund. If you have tax trouble please contact us on 1300 768 284.

We will help you here about your personalise your tax return in mytax with step by step.

  • make sure you have all document with you to avoid hassle.
  • personalise return screen , you can see a number of checkboxes.
  • Some of boxes automatically selected if we receive information from ATO.

If you have payment summary from your employer or get payments from Australian governments, select the section accordingly but if you did not received any group certificate or PAYG please contact your employer as soon as possible for lodgement. Then select the box that matches your type of payment.

In this case, we’re selecting the ‘Salary, wages, allowances, tips, bonues etc

If you received any Centrelink benefits, select the ‘Australian Government payments’ box please disclose in your return.

If you received interest from bank or other other bank, then select that you had Austalian interest, or Australian income or losses from your investment property. if Yes, then select ‘interest’ and read other options carefully.

If you never heard about any word or need any help , you can click Help button. Once you’ve selected all the sections that apply to you, click ‘Next’ at the bottom of the screen.

If you by mistake selected a section, just deselect it.  Once you’ve remove the error, click ‘Next’ button.

This will take you to the ‘Prepare return’ screen, where you can view and edit pre-filled information, and review and add anything that’s missing. Your information will now be added to the Prepare screen.

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

Asset Write-Off

You may be eligible for instant written-off if your business have turnover from more than $10 million and less than $50 million.

That may apply to assets that cost less than $30,000 and assets are purchased and used from 2 April 2019 to June 2020.

Businesses purchases asset and claim for deduction for each asset that cost have less than $30,000. For instance, if your businesses purchases a new machinery worth 26,000 and then purchase a trailer at a cost $18,000. So, businesses can eligible to claim both of these as each of assets because of $30,000 thresold.

For assets costing $30,000 or more the general depreciation rules apply.

If your business has a turnover of less than $10 million you can claim a deduction for each asset that cost less than the threshold that applied when the asset was first used or installed ready for use. Different threshold apply which depends on cost and value of certain threshold for each assets.  

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

Personal services income (PSI)

Personal service income is income which taxpayer got by their individual’s personal efforts and skills. Persona service income such as:

  • income of a professional practitioner in a sole practice
  • income payable under a contract for the labour or services of a person
  • Income derived by a professional sportsperson or entertainer by professional skills
  • Income derived by consultants from the exercise of personal expertise.

PSI does not include income that is mainly:

  • for supplying or selling goods (for example, from retailing, wholesaling or manufacturing)
  • generated by a significant income-producing asset (such as a bulldozer) for granting a right to use property (for example, the copyright to a computer program)
  • generated by a business structure (for example, a large accounting firm).

PSI earned by sole trade only. If you gain personal service income as an employee from company, partnership or trust.

If you earned PSI but you are not work as employees of company, you may not eligible to claim deductions in relation to earning that income such as rent, mortgage interest, rates or land tax for your home, or payments to your spouse or other associate.

This depends on whether:

  • you have a personal services business determination from the Commissioner of Taxation stating that your PSI was from conducting a personal services business for the whole of the period you earned PSI, or
  • you satisfied one of the four tests in Personal services income conditions.

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

Forestry Managed Investment Scheme Income

A forestry interest in an FMIS (Forestry Managed Investment Scheme Income) may be a right to benefits produced by the scheme (whether the proper is actual, prospective or contingent and whether it’s enforceable or not).

You are an initial participant in an FMIS if you meet the following conditions:

  • you obtained your forestry interest in the FMIS from the forestry manager of the scheme
  • your payment to obtain the forestry interest in an FMIS results in the establishment of trees.

You are a subsequent participant if you are not an initial participant.

A forestry manager of an FMIS (Forestry Managed Investment Scheme Income) is the entity that manages, arranges or promotes the FMIS.

Your total forestry scheme deductions is consider as the total of each amount that you can deduct for each income year of your forestry interest. Forestry interest is different from Capital gains tax (CGT) event. This includes, a sale of all or part of a forestry interest or harvest proceeds.

You can only claim a deduction at this item if the forestry manager has advised you that the FMIS satisfies the 70% direct forestry expenditure rule in Division 394 of the Income Tax Assessment Act 1997.

If you are an initial participant, you cannot claim a deduction if you disposed of your forestry interest in an FMIS (Forestry Managed Investment Scheme Income) within four years after the end of the income year in which you first made a payment.

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

Working Holiday Visa – Tax Refud on Spot

From 1 January 2017 working excursion makers are subject to important tax rates.
By definition, working Holiday makers are the holders’ visa subclasses 417 and 462 which is probably both brief visas below the immigration rules.
Prior to one January 2017 WHMs were taxed steady with the residency tips and the respective tax scales.

There is more than one different technique to workout how an awful lot tax to withhold from employees wage.

Working Holiday makers (Visa 417 and 462), won’t be capable of claim the tax-free threshold and is probably taxed at 15% up to $37,000. Employers want to join up to lease a operating tour makers and test the Visa Entitlement Verification Online service so you can withhold at the decreased 15% rate. If unregistered, they have to withhold tax at 32.5%.

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