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.
Our office is OPEN, check out our Covid Safe office today. From hygiene screens to sanitiser stations we've implemented it all to keep our community safe. For assistance with COVID-19 please click HERE
We understand how difficult times are at the moment and may continue to be in the future however, please know that you are not alone. We will do our best to keep you informed with the latest information to help you navigate through this.
Below we've included the latest information from the Treasury of the Australian Government as of 13th July 2020 and includes the latest economic response from the Australian Government which targets the following areas:
Supporting Individuals and Households
The Government is providing financial assistance to support Australians through the pandemic, please click on the following link to see the available support for Individuals and Households https://treasury.gov.au/coronavirus/households
Supporting Businesses and Employers
Government assistance is available for businesses to help withstand the impact of the coronavirus. If you own a business a would like to see what support is out there for you please click on the following link https://treasury.gov.au/coronavirus/businesses
Supporting Flow of Credit
The Government has injected $259 billion into the Australian Economy, for more information on what is available please click HERE.
HomeBuilder
HomeBuilder provides eligible owner-occupiers (including first home buyers) with a grant of $25,000 to build a new home or substantially renovate an existing home. HomeBuilder will assist the residential construction market by encouraging the commencement of new home builds and renovations. For more information please click on the following link: https://treasury.gov.au/coronavirus/homebuilder
IF YOU NEED SUPPORT
Emergency Relief - https://www.dss.gov.au/our-responsibilities/communities-and-vulnerable-people/programs-services/emergency-relief
Centrelink Support - https://www.servicesaustralia.gov.au/individuals/news/more-financial-support-people-affected-coronavirus
National Debt Help Line | 1800 007 007 | https://ndh.org.au/
Australian Government | https://www.australia.gov.au/
Australian Taxation Office | https://www.ato.gov.au/General/COVID-19/
Fairwork - Coronavirus and Australian workplace laws | https://coronavirus.fairwork.gov.au/
Beyond Blue | 1300 224 636 | https://www.beyondblue.org.au/
Lifeline | 13 11 14 | https://www.lifeline.org.au/
If you'd like some relief with your mortgage or loan repayments contact your bank or financial provider. Most banks are taking active measures to help through this difficult time including pausing loan repayments.
The information on this page has been obtained from the Australian Government Treasury website https://treasury.gov.au/.
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