Once upon a time, believe it or not, you couldn’t pre-pay your tax – no, really! If you tried to do this, the ATO would just refund it straight back to you because they didn’t know what to do with it! Well, as of January 2016, this has all changed!
…
Can I pre-pay my tax? Yes you can! Read More »
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 its own language (yes it has its own language!). The terms used by the ATO to describe even the simplest concept can be confusing and this is why we have supplied a graphic below which explains what some of these terms mean. We hope you find it helpful.
…
What’s in a GST name? Read More »
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 if the profit margin is high and the business owner wishes to reduce tax payable (and who doesn’t!). But how do you enter these transactions into your accounts and how is GST affected? Let’s review this now.
…
How to account for prepayments and GST Read More »
So you have an awesome bookkeeper who keeps your business accounts super organised. S/he keeps on top of slow paying customers, reminds you to pay your bills, provides some pretty slick-looking reports and has those boring conversations with your accountant that you always avoid. Sounds like you’re onto a winner – good for you! Now you’ve decided to go one step further and you’re going to ask your bookkeeper to prepare and lodge your BAS on your behalf. Okay, well before you do, you’d better ask him/her these 3 key questions:
…
Want your bookkeeper to prepare & lodge your BAS? Better ask these 3 questions first!Read More »
Want your bookkeeper to prepare & lodge your BAS? Better ask these 3 questions first! Read More »
This is the final part in a three-part blog series about Business Activity Statement (BAS) labels and what they all mean. You can read part 1 which covers labels for Goods and Services Tax (the “G” labels) and part 2 which looks at PAYG (the “W” labels) in your leisure. Part 3 of the series will showcase BAS labels used to report Fringe Benefits Tax, Luxury Car Tax, Wine Equalisation Tax and Fuel Tax Credits.
…
BAS Labels Explained Part 3 Read More »
Welcome to part 2 of my 3-part blog about Business Activity Statement (BAS) labels. In part 1, I covered the “G” labels which are all used to report Goods and Services activities for GST registered businesses. In today’s blog, I will look at pay as you go income tax instalment (PAYG ITI) labels and pay as you go withholding (PAYG WH) labels.
…BAS Labels Explained Part 2 Read More »
The Business Activity Statement (BAS) has been around now for 14 years. You would think that would be enough time for us all to get our heads around its various sections and labels. Unfortunately, many of us are still perplexed by the BAS and the Tax Office report that they still see many erroneous BAS returns as a result. I think one of the most confusing things about the BAS is its many labels. There are “G” labels, “T” labels, “W” labels and so on. What do they all mean? Do we have to use them all? What are they for? In today’s blog, I set out to explain what each BAS label means to hopefully clear up some of this confusion.
…BAS Labels Explained Part 1 Read More »
BAS Agents are now a very important part of the tax compliance landscape. They have been floating around since 2010 when the first group of agents became registered with the Tax Practitioners Board (TPB) after the passing down of TASA 2009. TASA 2009 is legislation that makes it illegal for anyone to charge a fee for providing tax and BAS Services without first being registered. Unfortunately, who BAS Agents are and what they do, has not been widely publicised by the TPB and as a result, many business owners have either never heard of them or certainly aren’t aware of what they do. Today’s blog, therefore, is about educating business owners about what BAS Agents can do for them in terms of their tax compliance and other related tasks. To this end, I have created a list of 20 tasks BAS Agents can do for business owners, of which perhaps they may not be aware. See below:
…
20 jobs your BAS Agent can do for you! Read More »
So the BAS lodgement date came and went and you didn’t get around to lodging your BAS – what happens now? The Australian Tax Office (ATO) doesn’t look favorably on this behaviour. If they see fit, you may just find yourself having to pay late lodgement penalties. What are these penalties and how much will you have to pay if charged?
…
Didn’t lodge your BAS on time? Here come the late lodgement fines…..maybeRead More »
Didn’t lodge your BAS on time? Here come the late lodgement fines…..maybe Read More »
Here at e-BAS Accounts we do everything via systems and checklists. When we process a client’s BAS we use our “BAS Preparation Checklist”. Using the checklist ensures that we never miss a thing! Today we are sharing the checklist with you – it’s free to download! Enjoy!
…BAS Preparation Checklist – Free Download Read More »