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Frequently Asked Questions

When is my BAS due?

Quarter Due Date
1. July, August and September 28 October
2. October, November and December 28 February
3. January, February and March 28 July
4. April, May and June 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).

Please contact us so that we can help you lodge your activity statements.

If you lodge online, you may be eligible for an extra two weeks to lodge and pay your quarterly BAS.

 

Do I need to have my tax return in by 31st October each year?

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 ASAP to ensure that we can meet the lodgement deadlines.

How can I contact the ATO?

https://www.ato.gov.au/About-ATO/Contact-us/Phone-us/

What is a tax-free threshold?

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.
*$18,200 is for the 2018-2019 year and changes from time to time.

My friend says I must have a business name to be able to claim my business motor vehicle cost, is that right?

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.

Should I be a company?

The two main reasons why you might want to trade as a company are profits and protection. If your business has a large net profit, for example high enough that as an individual you might be in the highest income tax brackets, it might be useful to trade as a company to limit your tax payable to that of the company tax rate (currently 30%). If your business activity is in an industry where you may be exposed to a high risk of being sued, for example for negligence, you might want the protection of Limited Liability which comes with trading as a company.

What household expenses can I claim as a tax deduction?

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.

I’m not registered for GST; do I have to charge it to my customers?

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.

 

Can I give you my bank details to deposit my tax money into it?

Yes. However, for security purposes we cannot carry over your details so you will need to provide us with your information each year you get your tax return done with us.