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Testimonials

VANCAN

“The team at Salomone Accounts have always gone above and beyond. They make everything easy to understand, in a clear and concise way. They are a proactive team and always have time to answer my questions, however basic. Yes, you heard right…an accountant that is actually easy to speak to, and takes the worry out of managing our numbers. So we can focus on what we do best.”

 

Tara-Jay Rimmer
Director -The Van that Can Pty Ltd
www.thevanthatcan.com.au

Gordon Country Enterprises

“Joe has been amazing guiding us through the process of a start up business and then helping us strategise with the most tax effective way of amalgamating with a parent company. His communication and thoroughness is always on point and his personal touches, such as coming out and doing a personal inspection of the property just go to demonstrate his professionalism, dedication and warmth towards his clients. Whether you are a start up, individual or large commercial venture, we would have no hesitation in recommending Salomone Accountants.”

 

Sarah Gordon
Director – Gordon Country Enterprises Pty Ltd
www.gordoncountry.com.au

Ascent Wealth Management

“Joe and the team at Salomone Accountants have been a great support to my advice practice.  In the nine years we have worked together, Joe’s knowledge coupled with a very efficient process has ensured we have had good outcomes in the processing and lodgement of our returns.  We have also benefited by establishing a number of business structures with Joe’s assistance.  Each time we have needed something, Joe’s assistance has been professional and the process to implement has been seamless.  I have no hesitation in recommending Joe and his team to small business and individuals alike.”

 

Steve Nielsen
Director – Ascent Wealth Management Pty Ltd
www.ascentwm.com.au

“I find Joe a thorough and practical accountant, I have used Joe for my investment accounting & business advice requirement for the past 10years. Joe is prompt, easy to communicate with and always takes the time to listen & understand any requirements. I recommend Joe for both Personal & Business accounting services.”

 

Colin Smith
General Manager – SSS Australia

“Salomone Accountants were integral in the commencement of our business, 8 years ago, and have been working with us ever since, as our business grew.  Joe and the team have always been attentive to our needs and provide a highly professional service, allowing us to focus on the growth of the business”

 

Jonathan Crooke
Director – Seventh Circle Studio Pty Ltd

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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