Access Tax and Accounting – Bankstown Tax Blog

Can’t lodge your Business Tax on time? Running a business has many competing priorities and getting your tax work done is just another thing you need to get around to. This is one of the reasons why many businesses engage Access Tax and Accounting. It is important to contact us if you can’t lodge by the due date so we can work together to find a solution. Did you know you may be eligible for
Is your company car available for private use? Vehicle fringe benefit applies when your business owns or leases a car and makes it available for your employees’ private travel. Don’t forget that directors might also be employees. Some examples of providing a car fringe benefit include: Employees using the car for private travel, such as travel between work and home. Garaging the car at or near your employees’ home, which makes it available for private
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 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
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 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