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Welcome

Salomone Accountants is fast becoming a leading exclusive accounting firm in Brisbane and the surrounding Milton area. We are a growing practice serving a sophisticated and specialised clientele.

 

Salomone Accountants offers a range of accounting services and specialises in:

Our clients include small and large businesses, professional individuals, property investors and share investors.

 

Over time, Salomone Accountants has developed a niche in providing business advice to small and large business clients. Our business clients that we look after come from many different areas of business, including medical, real estate, transport and construction – to name a few.

 

Salomone Accountants is widely recognised for the outstanding personalised service that our clients enjoy. Our friendly and caring team all endeavour to make our clients feel like they are part of our team and not just a number.

 

We pride ourselves on providing a high standard of professional service at all times, with our fees being fair and reasonable.

 

Our office is conveniently located in the heart of Cafés, Shops and Restaurants, just behind the La Dolce Vita Café and the iconic Eiffel Tower in Park Road, Milton.

 

Priding ourselves on our exceptional service, we provide our professional staff with the on-going extensive technical training and development needed to uphold our status and keep us positioned above the rest.

 

We believe our firm, Salomone Accountants, is as unique as the Park Road Milton precinct.

 

Parking & Public Transport
Our clients have many options in relation to accessing our office as there is parking available in the Savoir Faire complex, as well as off-street parking. We are also conveniently situated within a five minute walk from the Milton Train Station and the Milton Ferry Terminal.

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News

Business Activity Statements – How To Take The Sting Out Of The Quarterly Payment

January 24, 2022

Been hearing a lot about business activity statements, and feeling more than a little pressure?

Kicking off the new year for your business shouldn’t be shrouded in the darkness that can be a looming BAS. But how can you be certain that your business is prepared?

To start with, demystifying the BAS might alleviate some of that anxiety and pressure your business may have been facing. Essentially, a business activity statement (BAS) is a government form that all businesses must lodge to the Australian Tax Office (ATO). All businesses registered for GST need to lodge a business activity statement (BAS). This can be done with the assistance of a registered tax agent or BAS agent.

A BAS is a summary of all the business taxes you have paid or will pay to the government during a specific period of time. You may lodge your BAS monthly, quarterly or annually (depending on the size of your business you may not have the annual or quarterly option) or may do so through your tax/BAS agent.

When lodging your BAS, you need to include these payments within it:

A BAS is issued by the ATO either monthly or quarterly. A form needs to be lodged with the ATO and payment made to the ATO by the due dates as follows:

(as registered tax agents we are given an extension to most of these deadlines)

You may instead be eligible to submit an Instalment Activity Statement (IAS). In the IAS, the ATO tells you every quarter what your GST instalment amount is and where applicable your PAYG instalment amount is.  Essentially, the IAS is a form that is similar to the BAS, but simpler in that you do not have to be concerned about GST and some other nominated taxes.

Businesses that are not registered for GST and individuals who are required to pay PAYG instalments or PAYG withholding (such as self-funded retirees) use this form to pay PAYG.

IAS provides a little more flexibility in the arrangement as the instalments are advised by the ATO on what you need to pay to cover your liabilities.

You may be able to vary those amounts if you feel that the advised instalments are too much or not enough to cover your liabilities. You may also be able to pay the amount in one lump sum at the end of the year. Before changing the amount due, or the timing of the payment, it’s best to consult with us (or your registered BAS agent) for additional advice to suit your circumstances.

Preparing For Your BAS

Your IAS and BAS can be used to assist in monitoring your business finances. Though you only need to lodge these every quarter, waiting until the due date to get all of the information you require for the statements may cause you to miss out on critical observations (such as how much you may actually owe the ATO).

Daily tracking of your income and expenses can assist in calculating your GST and other liabilities on your BAS, and allows you to ensure that there won’t be any nasty surprises waiting for you.

Here are some tips on how you can prepare for your BAS or IAS this quarter