Access Tax and Accounting – Bankstown Tax Blog

Is your business paying GST for imported goods? GST applies to most imports over $1,000. GST is 10% of the value of the goods you’ve imported. You generally need to pay this to the Department of Home Affairs before you can receive the goods. The deferred GST scheme will allow you to pay your GST later and there are eligibility requirements. If you are registered for this scheme, you don’t need to pay GST until

BAS and GST Advice For Your Business

Posted on November 1, 2018
Category: Business Tax News
BAS and GST Advice For Your Business Always make sure you keep good records and be prepared for lodging your BAS. Ensuring you have good records will ensure you comply with Australian Business Tax Laws and reduce the time and effort required for your lodgement. Here are some great GST and BAS tips for your business tax: Keep all your business activity records such as invoices of sale and business related purchase receipts. These records

New tax reporting for cleaners and couriers

Posted on October 15, 2018
Category: Business Tax News
If you provide any cleaning or courier services you need to lodge a Taxable payments annual report (TPAR) to tell us about payments you make to contractors. Contractors can include: subcontractors consultants independent contractors. What do you need to do? If your business provides cleaning or courier services make sure you keep records about the payments you make to contractors for cleaning or courier services they provide on your behalf, including: their ABN, where known their name

Fuel Tax Credit Rates Have Increased

Posted on October 12, 2018
Category: Uncategorized
Fuel tax credit rates increased on 1 August, so don’t forget to use the new rates to calculate your claims on your next business activity statement (BAS). Simplify your fuel tax credit claims If you claim less than $10,000 in fuel tax credits each year, you can use our simplified methods to keep records and calculate your claims. Make sure you keep accurate business records to help you claim all the fuel tax credits you are
The ATO has just announced that the $20,000 threshold has been extended to 30 June 2019. If you buy an asset and it costs less than $20,000, you can write off the business portion in your tax return for the relevant income year. You are eligible to use simplified depreciation rules and claim an immediate deduction for the business portion of each asset (new or second hand) costing less than $20,000 if: you had a turnover less