Making sure you are reporting your ATO obligation accurately is imperative in business. If you are not confident in preparing your own BAS we can help you with that. Whether you are using an accounting package to record your transactions or you keep your invoices and receipts in a shoe box, it is our job to sort through them to make sure the income and expenses are allocated correctly and the correct amount of GST has been claimed.

We encourage our clients to bank all receipts and pay all expenses through a business account to make sure nothing has been missed. Cash receipts can sometimes be misplaced. By making your purchase using a business card, you will ensure that it will not be missed and therefore, you are maximising your GST claim. We can also perform a bank reconciliation at BAS time to again assure that nothing is missed or incorrectly allocated.

Depending on your circumstances you may be able to register your business for fuel tax credits. These could be business such as Transport business, farmers, Earthmover's etc. If you are unsure please do not hesitate to ask and we can investigate your circumstances.

If you are registered for Fuel Tax credits you will need to make sure you supply us with your fuel receipts or you record the number of litres purchased in your accounting records.

Depending on the size of your business you may have been required to report your wages and group tax on a monthly basis. This is about to change. The introduction of “Single Touch Payroll” (STP) will make this reporting obsolete.

As of 1st July 2019 every business who employs staff will need to use Single Touch Payroll (STP)to record their wages information. STP is a new way of reporting your employees tax and super information to the ATO. If you are using payroll or accounting software, you will send your employees' tax and super information to the Tax Office each time you run your payroll and pay your employees. The information is sent to Tax Office either directly from your software, or through a third party – such as a sending service provider.

If you are not using an accounting or payroll package and you have four or less employees, the tax office is allowing your accountant to lodge your wages information quarterly for you. At the moment, this is a temporary arrangement and will last for the first two years.

This is a big change for small business and the tax office are making some concessions. In the first year there will be no penalties for mistakes, missed or late reports. They are also offering deferments’ in hard-case scenarios. If you feel you would fit this category, please do not hesitate to contact us.