GST Annual Return If you are liable to file an annual GST return, you need to file and pay any amounts owing by the date mentioned on the front of the return. You need to file and pay any GST owing by that due date. If you have received an annual GST return, this is...
When Does the ATO Hold a Refund? From 1 January 2025, the ATO has the authority to hold refunds for up to 90 days where the ATO doesn’t have your financial institution details (FID). Currently, it applies to: Income tax refunds Fringe Benefits Tax refunds. If the ATO...
When Can You Cancel Your GST Registration? You or your registered BAS or tax agent can cancel your GST registration within 21 days of: Closing or selling your business Changing your business structure – this includes changing from a partnership to a company, unless...
What are Reportable Fringe Benefits? If you receive fringe benefits with a total taxable value of above $2,000 in a fringe benefits tax (FBT) year (1 April to 31 March), your employer will report this amount to the ATO. Some benefits don’t have to be reported to the...
Running a business comes with various opportunities and surprises. These surprises bring unexpected expenses that can shake the most carefully balanced budgets. Whether it’s unforeseen regulatory changes, sudden equipment failure, or urgent staffing requirements,...
In this blog post, we’ll discuss how you can reduce your FBT liability using alternatives to fully fringe benefits or offering concessional benefits. Providing benefits eligible for employee deduction You don’t incur a fringe benefits tax (FBT) liability if you...
No one likes sudden surprises when it comes to tax matters. If you are running a small business, especially with staff, the thought of an ATO audit can be a bit stressful. Proper audit preparation requires businesses to maintain organised and clear financial records,...
Small businesses have to compete with much larger and more established companies. This can make them more vulnerable to losing their hard-earned money, as they don’t have the same level of infrastructure or staff that established organisations do. This is why small...
Whether you are a startup or running a large organisation, it is essential to daily check your company’s financial status, assess your business expenses, and make logical estimations and decisions that will positively impact your business growth. Professional...
You are required to report money and assets taken from your trust or company as income on your tax return. You will understand how money taken out of your business, or using business assets for personal use, must be reported and recorded for tax purposes. It applies...