IAS and BAS/FBT Lodgment
The Business Activity Statement is an indirect tax reporting obligation for all businesses owners registered with ABR and ATO. It is mandatory for all business owners to lodge a summary of all GST collected or GST credit within a specified period. The tax compliance of Goods and Services Tax is essential to business survival. The small business owners or sole traders need to ensure their GST receipts for the goods or services they have provided to their customer are recorded correctly. Likewise, input-taxed sales or GST paid by business on capital expense is sometime not properly recorded in the accounting system.
At Linssy & Co Accountants, we are here to help your business to lodge your Business Activity Statement correctly without hindrance. Whether you're small business owners or sole traders we will provide the following BAS services for you to ensure your BAS returns is tax compliance:
- Check all GLs accounts for correct GST, input taxes, capital expense, or non GST transaction posted and reverse any GST or non GST transactions incorrectly posted to the GST liability accounts
- Check Pay as you go (PAYGW) tax withheld
- Check PAYGI income tax instalment
- Check Fringe benefits tax (FBT) instalment calculation
- Check and calculate Fuel tax credits
- Check the WET is correct
- Check and calculate Luxury car tax (LCT)
All GST registered entity are required to lodge their BAS either every fortnightly, monthly, every quarterly, or yearly depends on your business turnover. There are strict due dates for the lodgement of your BAS, and penalties apply if you are late to lodge.
The ATO determines the BAS lodgement cycle for all entity and it is based on the current business turnover annually.
- Monthly is for businesses with GST turnover of over $20 million.
- Quarterly is if your GST turnover is less than $20 million.
- Annually is if you are voluntarily registered for GST and your GST turnover is under $75,000 ($150,000 for not-for-profit bodies).
It is important all entity registered for GST are required to complete a Business Activity Statement when it is due for lodgement. The reporting periods vary from business to business depends on the size of the business turnover and lodgement are done monthly, quarterly or annually.
Our BAS Service is to ensure your entity registered for GST are tax compliance. We would gives advice of risk management in relation to failure to keep proper business records of your GST collection or failure to lodges BAS returns for few years.
Most business are tax compliance of their income tax, CGT and FBT obligation but it is the indirect taxes business failed to comply. The indirect taxes such as GST, WET, luxury car tax, custom duty, excise duty, land tax, payroll and stamp duty, can be time consuming to properly administrated. Our experienced accountants can help you to calculate the indirect taxes you owed and paid on time to avoid heavy penalty from RevenueNSW or ATO. We can help you minimize costs and reduce the administrative impact of these taxes.
Our accountants are here to help you to avoid pitfalls and ensuring your business are tax compliance.
Linssy & Co Accountants provides advice on management of indirect taxes in the following areas:
- GST
- WET
- Luxury car tax
- Custom duty
- Excise duty
- Land Tax
- Payroll Tax
- Stamp Duty
Payroll Tax
The indirect payroll tax calculation is paid on salaries/wages, fringe benefits, super salary sacrifice, ESS, directors fees, Gratuity or Golden Handshake(Ex-gratia payment), contractors(deemed employee) and superannuation guarantee to employees across the states. Because all states do not have the same payroll tax rates, your business could experience compliance issue if incorrect payroll tax is pay.
Our experience accountants can help you to understand your payroll tax obligations and help you to work out the correct amount of payroll tax remit to RevenueNSW or other states. We will ensure your business BAS return, WET, luxury car tax, excise duty, custom duty, payroll tax, land taxes and stamp duty are properly paid on time to avoid any penalty from the RevenueNSW or ATO:
- It is imperative your business are compliance with indirect taxes obligations
- We will works out all your indirect taxes such as GST, land tax and stamp duty and ensuring all your payroll tax obligation is paid on the correct components of your wages/salaries, allowance or FBT and superannuation
- We will help to check to avoid misstating payroll tax payable
- Check with RevenueNSW to reconciles outstanding indirect taxes
- Provide internal audit of your business indirect taxes.
