Are you a small to medium-sized business owner feeling overwhelmed by the complexities of Australian taxation law? Worry no more! We at WisTax specialize in helping businesses just like yours stay on top of their Business Activity Statements (BAS), whether monthly, quarterly or annual.
As the leading CPA accounting firm in Inner West Sydney Ashfield, Northern Beaches Belrose, and Adelaide, our team of professional accountants is ready to assist you.
Imagine a world where you no longer have to worry about the paperwork that comes with BAS, and you can focus on what truly matters – growing your business. That’s the world we want to help create for you. To get started, simply email us at email@example.com
Under Australian taxation law, a business must register for GST when its turnover (gross income minus GST) reaches $75,000 and above. But don’t worry, we’re here to help you navigate these waters!
Congratulations on your growing business! If you expect your turnover to exceed $75,000 in the coming 12 months, you should register for GST. However, if your sales are below $75,000 but you still want to register for GST, you can do so voluntarily. Just remember, it’s important to register for GST when your expected sales in the coming twelve months exceed the $75,000 threshold.
Uh-oh! If you’re required to register for GST but fail to do so, and you didn’t collect the GST for your customers, you may find yourself in hot water with the ATO. In this case, your business will be required to pay back the GST, along with a shortfall penalty and interest. But don’t worry, we’re here to help you avoid such situations.
Yes, you can. If you’re registered for GST and your turnover is below $75,000, you only need to lodge an Annual Business Activity Statement.
Here’s a quick rundown:
As a leading professional CPA accounting firm with offices in Ashfield, Sydney, and North Beach, Adelaide, we’re ready to get your business and tax affairs optimized. Ready to take the leap and let us handle your BAS? Call WISTAX today for an initial free 15-minute telephone consultation with John and his team on 1800 841 312.