BAS

The “Boosting Cash Flow for Employers” payment (PAYGW Boost Credit)

This measure promises to “refund” the PAYG withholding reported on the BAS or IAS by employers back into their integrated client accounts (ICA) as an offset against any existing BAS/IAS debt. To be clear, this is not a supply of cash to employers into their banks.

5 BAS lodgement facts in 5 minutes!

As a BAS Agent, of course I understand how BAS lodgement works [or you would hope that I do lol!] Sometimes I forget that what is old hat for me, can be confusing to my clients or even present as completely new information. Yesterday a client asked me why his monthly instalment activity statement for …

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Netflix Tax – A Bookkeeper’s View (from the Trenches)

My last blog was all about the new “Netflix Tax” and was really just an informational blog outlining what, how and when etc. In this blog, I want to look at the tax from a bookkeeper’s perspective and provide a real “from the trenches” viewpoint. All is not what it seems with the Netflix Tax!

Simpler BAS – simpler in name only?

The ATO has recognised that there are too many labels to complete on the BAS – you can see just how many if you check out my blog series on BAS Labels – way too many! So, to make things easier for small business, a new “simpler BAS” will be introduced from 1 July 2017. …

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How we work with you to get your BAS done

When I’m checking out companies on social media I often see that they’re doing exactly what I’m doing – sharing content related to their industries rather than sharing information directly about their companies. They do this so as not to come off as doing the “hard sell” to potential customers but rather go the “soft …

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What’s in a GST name?

The Goods and Services Tax which we now call “GST” for short, is a complicated and convoluted tax, I’m sure you’ll all agree. The system is fraught with rules with which even the most experienced BAS or Tax Agents struggle to understand. At its core, one of the most difficult aspects of the GST is …

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How to account for prepayments and GST

Towards the end of each financial year, many business owners review their expenses and pinpoint which ones can be prepaid before June 30 in order to obtain a substantial tax deduction. Typically, expenses such as office rent and insurance are paid 12 months in advance and are then classified as prepayments. This is particularly useful …

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