Ever find yourself antsy in anticipation of the accountant visit?

“Does the moment you see your accountant’s name on an email or letter instil a sense of overbearing existential dread? — Not knowing what is occurring within your business or hitting the bumps on the road of business ownership certainly doesn’t help the feeling.
What’s changed with accounting throughout the years? And how are we different?”

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PAYG or Pay as You Go Instalments are payments based on your business and/or investment income from your most recently lodged tax return by the ATO and by applying current income tax rates to it, so you pay a bit of it off every quarter and are not left with a huge tax bill come lodgement time. The ATO allows you to choose from two options to work out how much to pay:

  • Option 1 Instalment amount – the simplest option as you pay the instalment amount that the ATO have calculated for you based on your latest tax return.
  • Option 2 Instalment rate – you work out your instalment amount using
    • an instalment rate the ATO provides
    • your instalment income.

By making regular PAYG instalments throughout the year, you can manage your cash flow and reduce that shock factor come tax time when you go to lodge your income tax return.

If your business is a GST-registered business you’ll need to let the government know how much you’ve collected and how much you’ve paid. You do this by completing a business activity statement (BAS). A BAS is a form that you fill out between one and twelve times a year, depending on your business size. The ATO uses the information on your BAS to work out your GST refund or bill. It’s also used for business income tax (if you’re in the pay-as-you-go system), employee income tax, fringe benefits tax, luxury car tax, wine equalisation tax, and fuel tax credits.

What you’ll need:

  • a record of how much GST you collected on sales and how much was paid on purchases
  • you do not need to submit your invoices but keep them handy incase of an audit
  • you may also be asked to provide information on your businesses activities, employees and income.

A Fringe Benefit is a ‘payment’ to an employee, but in a different form to salary or wages.

Such as allowing an employee to use a work car for private purposes, reimbursing an expense incurred by an employee such as school or education fees. Rewarding your employees beyond their usual salaries is a great way to show your appreciation for a job well done. How an employer calculates and reports the taxable value of fringe benefits depends on the type of benefit provided but speak to our team about how you can use fringe benefits to your businesses advantage. 

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