Business Activity Statements
If you are in business, and your turnover exceeds $75,000 per annum, you are required to be registered for GST. You must remit to the Australian Taxation Office the GST you collect. If your income is less than $75,000 you may register, or you may elect not to be registered. There are some instances when registration is beneficial (even if it is optional), and other cases where it is best not to be registered. Each case will be different, talk to us to determine what method would suit you best. You can also register on either a Cash Basis or an Accrual Basis. One shoe does not fit all. Again talk to us to determine the best method for your type of business. We help our clients ensure they claim as many input credits as possible and hence pay the minimum GST due. You may also be entitle to claim diesel rebates on fuel purchased, depending on your industry. It is our view that you should not pay any more tax than you are legally obliged to pay. Let us help you maximise your claims and/or minimise your tax.
Business owners may (depending on registration) be required to lodge:
- Monthly or quarterly Business Activity Statements (BAS) using either option A or option B.
- Income Activity Statements
- Pay as you go (PAYG) instalments
- Annual Business Activity Statements
The ATO over the last six months have been fining late lodgers as much as $550.00 per BAS. Let us help you lodge your BAS on time to avoid fines and penalties.
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