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:
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Indirect value shifting (exclusion applies if total value shifts under a scheme are less than $150,000)
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Direct value shifts on interests (exclusion applies if total value shifted is equal to or less than $50,000)
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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
Established in June 2008, Choice Corporate is based in Shepparton, Victoria. We take pride in offering a long-term, holistic service to our clients, providing expert advice and reliable service to assist you achieve your financial goals. Together with a team of professional staff, directors Darren Green and Jamie Cox are committed to delivering affordable accounting and business solutions to every client.
OUR TEAM
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Jamie Cox
Darren Green
Asif Khan
Senior Accountant
akhan@choicegroup.com.au
Samantha Kelly
Senior Accountant
skelly@choicegroup.com.au
Rhylee Van Merkesteyn
Accountanting Graduate
rvanmerkesteyn@choicegroup.com.au
Madison Cox
Junior Accountant
mcox@choicegroup.com.au
Lauren Charles
Operations Coordinator
lcharles@choicegroup.com.au
Andrea Gosstray
Workflow Supervisor
agosstray@choicegroup.com.au
Elizabeth Butcher
Workflow Supervisor
ebutcher@choicegroup.com.au
Gabby Smith
Front of House
gsmith@choicegroup.com.au
Karly Walker
Front of House
kwalker@choicegroup.com.au
Arife Bylykbashi
Front of House
abylykbashi@choicegroup.com.au
Rhylee Van Merkesteyn
Lauren Dwyer
Jamie Cox
Darren Green
Lauren Dwyer
I just wanted to thank Darren and your team for working on my tax return, it had turned out that I'd made a big mistake on my employment forms causing me to owe a large amount of money, but somehow Darren was able to work it out for me.
I really appreciate your help, and I will be recommending Choice Group and Darren to anyone I can.
Amy
OUR COMMUNITY
We're lucky enough to have been running our business in Shepparton for over 11 years now. Throughout this time we've seen alot of changes with the wants & needs of the community and we always strive to be on the forefront of the latest services and technology so we can provide our clients with the best of the best.
We've filled the gaps along the way like supporting our clients setting up new businesses helping them grow their business with targeted advice we've been able to do this by building good relationships with our clients so we can fully understand what their goals are.
After lots of feedback from our local clientele we branched out into Real Estate establishing Choice Group Property Management back in 2012. Since then, we've added an additional service with property sales in 2019 opening a new chapter for the local market with a new look and feel with "Choice Group Real Estate".
In 2016, we put our plan into place for a community hub called the playlab. We moved into our new office in 2017 which is not only our office but a community hub for coworkers & community members to have a place to come & use the facilities.
Our business clients can stop blurring the line of work time & family time by hiring a room @Theplaylab for the day to get their bookwork done. Whatever your play is, we want you to make play possible!
GOULBURN VALLEY REGION
Discover The Heart Of Victoria
The Goulburn River Valley region in the Heart of Victoria is famous for its scenic beauty, characterised by rolling hills, lush forests, majestic rivers and lakes, rural plains and the mighty Goulburn River - the lifeblood of the region. All up a hugely popular lifestyle and holiday destination.
Easy to access for a day trip or delightful for an extended stay, the choices are plentiful in the Goulburn River Valley.
The region abounds with culture, intrigue, history, charm, individuality and the very best of what nature has to offer. You can't go past Lake Eildon, Lake Mountain and Lake Nagambie and that's just for starters!
Fantastic events, superb local produce, great wine, fabulous markets and soft adventure such as the Great Victorian Rail Trail are all part of the mix.
Destinations such as Marysville, Kinglake Ranges, Eildon, Alexandra & Yea; Seymour, Kilmore, Tallarook, Wallan, Tooborac & Broadford; Euroa, Nagambie, Strathbogie Longwood & Ruffy; and Shepparton, Mooroopna, Murchison, Dookie & Tatura offer something for everyone.
It's easy to love the Heart of Victoria.
reference: https://www.goulburnrivervalley.com.au/grv-region/