Tax Facts - Activity Statement
Businesses use activity statements to report and pay a number of tax obligations, including GST, pay as you go (PAYG) instalments, PAYG withholding and fringe benefits tax. Non-business individuals who need to pay quarterly PAYG instalments also use activity statements.
Activity statements are personalised to each business or individual to support reporting against identified obligations.
Activity statements for businesses may be due either quarterly or monthly. Generally, businesses can lodge and pay quarterly if annual turnover is less than $20 million, and total annual PAYG withholding is $25,000 or less. Businesses that exceed one or both of those thresholds will have at least some monthly obligations. Non-business individuals are generally required to lodge and pay quarterly.
Businesses or individuals with small obligations may be able to lodge and pay annually. Some taxpayers may receive an instalment notice for GST and/or PAYG instalments, instead of an activity statement.
The Australian Taxation Office (ATO) web site provides instructions on lodging and paying activity statements. Detailed instructions are provided for each of the different tax obligations:
Tax Facts - General Value Shifting
The General Value Shifting Regime (GVSR) applies to arrangements that shift value between assets, causing discrepancies between the market values and tax values of the assets. Most value shifts happen when parties don't deal at the market value, causing one asset to decrease while the other increases.
Three scenarios are targeted under the GVSR. Exclusions apply to small values in each of the scenarios, as follows:
-
Indirect value shifting (exclusion applies if total value shifts under a scheme are less than $150,000)
-
Direct value shifts on interests (exclusion applies if total value shifted is equal to or less than $50,000)
-
Direct value shifts by creating rights (exclusion applies if the market value of the right granted exceeds the proceeds for the grant by $50,000 or less).
Generally, the GVSR does not apply to normal commercial dealings conducted at market value, or dealings within consolidated groups. There are several other exclusions and safe harbours in the rules.
ABOUT US
Choice Business Partners are a boutique firm based in Shepparton, Victoria servicing business clients and individuals within the wider Victorian community, Melbourne and across Australia. We provide effective and targeted solutions to businesses of all sizes and offer advice on everything from how to increase sales, to how to manage your finances, minimise risk, and make better business decisions.
OUR SERVICES
WHY US
We're not your typical accountant or finance broker, we're human just like you and we know the everyday struggles, ups, downs and challenging decisions you might face.
Whether you come to Choice Business Partners to get your individual tax return done once a year, four times a year for your business activity statement (BAS) or multiple times for business advice & growth each time you know you can rely on us for the most up to date info.
We can assist you with Business Finance, we'll assess your circumstances and help you make an informed decision for your commercial lending including vehicle and equipment finance.
We're here to "Make Play Possible" for you.
Your idea of fun might be going on a family holiday, buying an old car to restore or simply not doing your own book-work so you can spend more time with the ones you love. At the end of the day you only have one life, so walk away smiling with "No Regrets".
CONTACT US
You'll find us @Theplaylab
196 - 202 High St, Shepparton, Victoria 3630
Open from 9:00AM - 5:00PM | Monday to Friday (excluding public holidays)
