The new budget and Business Activity Statements (BAS) payments.
A Business Activity Statement (BAS) is a tax report that is required of businesses on either a monthly or quarterly basis. It is used to report business goods and services tax (GST), pay as you go (PAYG) instalments, PAYG withholding tax and any other tax obligations that your business may have.
Do I need to make BAS payments?
If you are registered as a business in Australia, and have been given an Australian Business Number (ABN) then the Australian Taxation Office (ATO) will automatically send you a BAS when it is required for you to lodge. If you’re a business with an ABN and haven’t received anything from the ATO, then you should contact them, as all Australian businesses that are registered are required to lodge a BAS by the due date.
If you are already familiar with BAS payments, and are interested more in what has changed this tax year. Here are a couple of key points:
- $20,000 instant tax write off
Beginning this year, small businesses can write-off the tax on any asset purchase under $20,000. This could be an exciting opportunity for your business to buy any large ticket items that you need for growth. In fact it’s so exciting that we’ve got a whole page dedicated to helping you make the most of it.
- Lowering of tax rate for small business
Businesses with an annual turnover of less than $2 million will have their tax rate lowered from 30% to 28.5%. Unincorporated business, such as sole traders, partnerships and trusts will also get a 5% tax discount, beginning 1st July, for up to $1,000 per year.
Can you help me with my tax return?
No. finder.com.au are a comparison service, we’re not a tax service. But, we have found and previewed some of Australia’s premier tax services. So if you’re getting lost in BAS payments and struggling to make the most of your tax return, why not check out our reviews and see if you can find a professional tax service to help you with your return.