Does anyone or everyone pay PAYG tax instalments quarterly, i know you have to when your GST registered, i am not. The ATO are giving me the option to pay quarterly or annually.
Any pro's or con's ?
Does anyone or everyone pay PAYG tax instalments quarterly, i know you have to when your GST registered, i am not. The ATO are giving me the option to pay quarterly or annually.
Any pro's or con's ?
if you pay annually you will get a big bill at the end of the financial year [middle of winter] so you need to plan for this, the down side to paying quarterly is you can't put the money on the housing loan and get tax free interest benefit
Anything Ian says may or may not be garbage, it may also be his own opinion or it may not be his opinion at all, it may just be something he felt like stating anyone following his advice does so at their own risk and may be doing something Ian would actually advise against.
And if you don't like what Ian has to say use the ignore function if you don't know how ask i will gladly tell you
We pay quarterly PAYG instalments, which prevents a big-bang at end-of-financial year, but it depends if you are prepared to put aside the tax throughout the year to cover a one-off payment or if have a re-draw facility that you can access to cover the tax bill when it comes. We leave submitting our tax go til late in October so any extra owing isn't in the lean winter months.
Ciao for now ~ Christine
senior partner of "Townsville Lawn Care"
"Twin Cities Lawncare" was re-named in 2008
due to the amalgamation of two local councils -
Due to confusion of previous/current business name,
I'm opting to post in here as Christine Wharton now
When doing your tax make sure you tick the box for STS, as this gives you benefits for Depreciatoion, as well as gives you the oportunity for the entrepenaurs 25% tax rebate, dame a big difference for me.
Check with your accountant, but definitely go STS, I cannot see any short comings.
so glad i do my BAS online to the tax office . as you probably know you get an extra couple of weeks after the deadline..phew.... so i can go back to watching the footy with a glass and leave the bas till weekend hehehehe..and no David i cant afford a bookkeeper
lol "you cant afford not to!" lol
seriously though I know everyone makes spelling mistakes but i literally laughed out loud when i worked out old mate collingwood, who called himself kiwi, was trying to say kiora at the begining of his posts. when i first read it I was like, whats a kura?
back to the post though, i mailed my very first BAS of today! gotta love getting it all back on my purchases coz i hadnt collected any yet! one question, if you get a return do you leave it in your tax account for futher instalments or do you put it back into your bus account to play with?
This question might seem trivial, but with the ATO very fussy about getting their GST exactly correct, this might cause problems.
When I buy fuel, I get the tax invoice. No probs
Then I take that invoice to my IGA grocery shop, and I get an 8c/l discount. The fuel invoice just gets an IGA stamp, and the discount only appears on the shopping docket.
When doing my BAS, should I submit that I paid $1.42c/l or the $1.50c/l as shown on the tax invoice?
That gets messy, and even messier when I buy 100 litres/week, but IGA only gives the discount up to 80l.
I tend to think that I submit what is shown on the fuel Tax Invoice, and any discount is actually a 'shopping discount', rather than a 'fuel discount'.
It only amounts to about $8 discrepency in GST paid/quarter, but I'd rather have it correct than getting a black mark over something trivial.
This is different to the coles/woollies system where I think the fuel invoice is actually made out at the discounted price.
The expense to the business is what you PAID.
Consider keeping the discount vouchers for your private use vehicles.
Consider also registering for the fuel subsidy.
Keep tabs on the number of litres used in your machinery (NOT vehicle) separately, then you can claim a fuel subsidy with each BAS lodged.
David
Mr Sparkle Car Spa
Thanks Rob & David.
Dave, I've been keeping my machinery/vehicle fuel purchases separate, but not recording the litres. I'll note that in future too. Thanks.
The accountant probably has the fuel subsidy sorted.