In some circumstances, it is compulsory to register for GST because of your turnover or because of your profession. But sometimes, it is good to register for GST because it benefits you. Remember, GST is the Goods and Services Tax. This means it is a consumer tax that is charged on…well, purchasing goods or purchasing …
How can I benefit from registering for GST (Goods and Services Tax)? Read More »
There are some other taxes that you may be charged, depending on your industry. These can all be reported on your Business Activity Statement (BAS). Fringe Benefits Tax (FBT) First of all, lets define Fringe Benefits. This is basically a benefit that is received by an employee or their associate (and some other persons connected …
You will need to lodge a Business Activity Statement (BAS) if you are registered for Goods and Services tax (GST). The purpose of the BAS is to: Report on several tax regimes (listed further below) Report income and some expenses Ensure businesses are regularly paying their various taxes up front, on a regular basis, rather …
This blog was inspired by a client who couldn’t understand why they had to register for GST when in their mind they were already paying tax…which turned out to be PAYG Instalments. The taxes below are reported and lodged through the Business Activity Statement (BAS). You can find more information on the BAS in my …