Frequently Asked Questions

Frequently Asked Questions

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Accountant Talking With Client — Whitson Dawson In Mackay, QLD

Quarter

1. July, August, and September
2. October, November, and December
3. January, February, and March
4. April, May, and June

Due Date

28 October
28 February
28 July
28 July

The due date for lodging and paying is displayed on your business activity statement (BAS).
If the due date is on a weekend or public holiday, you have until the next business day to lodge and pay.

Your GST reporting and payment cycle will be one of the following:

Quarterly – if your GST turnover is less than $20 million – and we have not told you that you must report monthly.
Monthly – if your GST turnover is $20 million or more.
Annually – if you are voluntarily registered for GST and your GST turnover is under $75,000 ($150,000 for not-for-profit bodies).

If you are an existing client, we have an extension to March or an extension to May of the next calendar year to lodge your return. If you are not an existing client, it is best for you to get your information into us as soon as possible to ensure that we can meet the lodgement deadlines.

If you are registered for GST, this means that you are authorised to collect it from your customers on behalf of the ATO. If you are not registered for GST, you do not have this authority, so you do not need to collect it from your customers.

 If you’re an Australian resident for tax purposes, the first $18,200 of your yearly income isn’t taxed. You can claim the tax-free threshold to reduce the amount of tax that is withheld from your pay during the year. Please note that $18,200 is for the 2018-2019 year and changes from time to time.

No. You do not need to have a business name to be able to claim business expenses, regardless of whether it’s a motor vehicle expense or otherwise. You do need to be operating a business and have an ABN, but the use of a business name is optional.

This depends to what extent your business is conducted from your home, and what you will be able to substantiate in case of an ATO audit. Costs you may be able to claim include a percentage of your power, insurance, repairs, and telephone/internet expense. You also need to be aware that when you sell your home, you may be liable for capital gains tax on any portion of your home that you have declared as business use.

Have a question we didn’t answer here? Speak with one of our friendly team members today.