Sansdesk Advisors | Tax preparation service
Sansdesk Advisors
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23.01.2022 BAS statements are due for lodgement and payment next Wednesday 28th October (if you lodge through your tax agent you get another month). With this lodgement deadline looming, we're going to drop 5 hacks over the next 5 days to make it quicker and easier for you than ever to get you BAS done...stay tuned
21.01.2022 Excited to share some of our experiences advising Airbnb hosts in the Australian Financial Review. Check out the article below.
20.01.2022 What's in, what's out - check out our 2016 EOFY tax planning newsletter.
17.01.2022 BAS Hack no. 1 - Lodge Annually If your business's GST turnover for the past 12 months is less than $75,000, and you don't expect that it will grow to exceed $75,000 over the next 12 months, you can elect to lodge a single annual GST return, rather than worrying about a BAS every quarter. The annual GST return is due at the same time you lodge your business's tax return, so you may still have a while yet to prepare and lodge it.... How do you switch from quarterly to annually? Speak to an accountant, or, call the ATO yourself on 13 72 26. Tip: Make sure you have your ABN and an old BAS document ID handy for when you call.
16.01.2022 Tax havens for small business? Dive into our latest blog to find out more.
14.01.2022 BAS Hack no. 3 - Capital vs Non-capital There are two tables for reporting GST on purchases in your BAS - Capital (G10) & Non-Capital (G11). Capital purchases, reported at label G10, include items that are of an ongoing financial benefit to the business, such as computer equipment, office furniture, power tools or vehicles. As a general rule, these are items that would be recorded as business assets, rather than expenses.... Non-capital purchases, reported at label G11, would be best described as the day-to-day expenses associated with operating the business, including rent, operating leases, fuel & stationery. Even small purchases for the business can be capital in nature and should be disclosed at label G11 - for example, a $200 portable hard drive. Depending on the volume of purchases in the business, splitting them into capital & non-capital can be a time consuming process. To make record-keeping easier for small businesses, those with a GST turnover of <$1m are permitted to split out their purchases into those costing > $1000 and < $1000. Only capital purchases costing $1000 or more need to be disclosed at label G10, capital purchases. The remainder, being all purchases costing less than $1000, can be included at item G11, non-capital purchases. This should make record keeping for your small business a much simpler process.
13.01.2022 3 reasons why you need to stay positive: - you’re 31% more productive - you’re 40% more likely to receive a promotion - you have 23% fewer health-related effects from stress, and your creativity rates triple. ... Read on for some practical guidance on staying positive.
12.01.2022 Bas Hack no. 2 - Check Your Tax Invoices Before you claim any credits for the GST you have paid on business purchases on your BAS, make sure you have: - Proof of purchase (for purchases costing < $82.50 inc. GST).... - Valid tax invoice (for purchases costing > $82.50 inc. GST). - Valid tax invoice showing your business’s identity or ABN (for purchases costing > $1,000 inc. GST). If you don’t have the above, you can’t claim any credit - if you do, you could be subject to interest and penalties from the ATO. We’ve seen some terrible attempts at tax invoices in the past (tradespeople - lift your game), and unfortunately it’s you, being the business claiming the GST credit, that has the obligation to ensure that the invoice you have received is a ‘valid’ tax invoice before you claim the credit. For the tax invoice to be valid, it needs to contain the following information: a) Words Tax Invoice or similar. b) Sellers identity & ABN. c) Date invoice was issued. d) Description, quantity & price of items / services provided. e) Total GST amount included in the total. f) Whether each item was subject to GST. g) If the sale was > $1,000 inc. GST, the buyer’s identity (Name & address) and / or ABN.
11.01.2022 BAS hack no. 4 - Cash vs Accruals There are two ways of accounting for GST in your BAS - Cash & Accruals. The default method is accruals, where you pay GST and claim GST credits based on the date of the invoice. This can mean you are required to pay GST to the tax office, prior to actually receiving payment from your customers.... The alternative method is cash, where you pay GST and claim GST credits based on when actual payment is made or received, not when the invoice is dated. If eligible, accounting for GST on a cash basis can help your business avoid cashflow problems, as it avoids the need to fund the BAS payable out of your business’s cashflow. If your business meets any of the below eligibility criteria, you can account for GST on a cash basis: a) You (if sole trader) or your business is an SBE (turnover <$2m); b) You don’t carry on a business but are registered for GST & your GST turnover <$2m. c) You already account for income tax on a cash basis. d) You’re a special kind of entity that the ATO has predetermined can account for GST on a cash basis (broadly, govt. schools and charitable institutions). e) You have independently received permission from the ATO.
06.01.2022 In our January 2017 client newsletter: Upcoming due dates - Business structures - Superannuation changes - Tax cuts & SBE changes - Home office deductions
05.01.2022 BAS Hack no. 5 - Extended Due Date If you lodge your BAS yourself, it's due today. But, if you use a Tax Agent or BAS Agent (like us!), you automatically get an additional month to lodge. This pushes back the due date to 28 November. ... If you are thinking of using an Agent, make sure that you reach out today to secure the extended due date.
03.01.2022 In our September 2016 client newsletter: Upcoming due dates - Foreign companies - SBE budget measures - Tax cuts - Dodgy tax invoices
