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Market Updates

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We thought we had it under control, but we didn't.
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We thought we had it under control, but we didn't.
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We thought we had it under control, but we didn't.
1:49
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We thought we had it under control, but we didn't.
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We thought we had it under control, but we didn't.
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We thought we had it under control, but we didn't.

FAQs

Business Activity Statements

If you are in business, and your turnover exceeds $75,000 per annum, you are required to register your business with the Australian Taxation Office and collect and remit GST. If your income is less than $75,000 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. You can also register on either a Cash Basis or an Accrual Basis. You may also be entitle to claim diesel rebates on fuel purchased, depending on your industry. Our accountants will help you make the right decision to ensure you claim as many input credits as possible and pay the minimum GST due.

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.

Business Structuring

If you are in business, and your turnover exceeds $75,000 per annum, you are required to register your business with the Australian Taxation Office and collect and remit GST. If your income is less than $75,000 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. You can also register on either a Cash Basis or an Accrual Basis. You may also be entitle to claim diesel rebates on fuel purchased, depending on your industry. Our accountants will help you make the right decision to ensure you claim as many input credits as possible and pay the minimum GST due.

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.