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.
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We've got the skills to help make your business exactly the way you want it. We're big enough to deliver the same services as the big guys, but small enough to be accessible and approachable – so you can consider us an extension of your business!
Let us help you with the following:
Business Advisory
Business Growth & Planning
Our full range of services provide businesses the opportunity to have the most beneficial tax returns, minimise liabilities and guarantee financial stability. We can assist in starting up your business with completing your ABN application, setting up your Company or Trust and we can also assist in taking your business to the next level with business and tax planning.
Compliance and Taxation
We work closely with our clients to help them minimise taxation and get the most out of their refunds. We go beyond preparing and filing returns as we also take a proactive approach to get to know our clients’ needs and assist them in meeting their financial goals.
There's more to accounting than just number crunching. We take a whole new approach to your accounting needs by not only making sure your finances are in order but by helping you plan for a better future. We know business like the back of our hand, so if you're after specialised advice that works or just some clarity when making day-to-day decisions, we're available when you need us.
Our business accounting services include:
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Taxation Planning, Consultation and Advice
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BAS Preparation and Lodgment
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Payroll Tax
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Budget and Cash Flow Forecasts
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Accounting and Technology Training
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Human Resources Advice and Services
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Company Set-up and Growth
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Succession and Estate Planning
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Consultation and Advice on: GST, Business Management, Workers Compensation Insurance, Business Structures
We also have a number of Service Plans available to suit your unique business model complete with unlimited phone calls and email communication, we're on call whenever you need us.
We offer a wide range of individual accounting services including:
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Taxation Consultation and Advice
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Income Tax Return Preparation and Lodgment
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Rental Property Income, Deductions and Advice
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Share Trading Income and Deductions
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Negative and Positive Gearing
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Superannuation Contributions
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Capital Gains Tax
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Estate Planning
Business Finance
Have you been looking for some guidance with finance for your business but don’t know where to start?
We can help you! With over 15 years of lending experience Choice Business Partners can help you with all your business vehicle and equipment finance needs.
We have built solid relationships with the local Banks so we can also manage the process and assist with your commercial lending.
We know you, we know your business and how much it means to you, so you can be sure that we’ve got your back when it comes to business lending.
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Business Loans
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Commercial Finance
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Business Vehicle Lending
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Business Plant & Equipment Lending
