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EW Partners always provides high quality Business Activity Statements (BAS), Instalment Activity Statements (IAS), Goods and Services Tax (GST) and Pay as you go (PAYG) services to its clients, for both individuals and businesses.

Your BAS will allow your business to report its obligations for a range of taxes including:

  • GST
  • Luxury Car Tax (LCT)
  • PAYG withholding and instalment
  • Fringe Benefits Tax (FBT) instalment

Individuals and businesses that are not required to register for GST but deal with PAYG withholding, will need to lodge an IAS. The ATO will send out your IAS within plenty of time before it needs to be lodged.

GST is a tax of 10% on most goods services and other items sold or consumed in Australia. Generally, businesses and other organisations registered for GST will:

  • Include GST in the price charged for goods and services
  • Claim credits for the GST in the price of the goods and services they buy for the business

Businesses must register for GST if their turnover is greater than $75,000. Not-for-profit organisations must register for GST if their profit is greater than $150,000.

PAYG withholding is tax withheld from certain payments. This includes:

  • Payments to employees, company directors and office holders
  • Payments to workers under a labour hire agreement
  • Payments under voluntary agreements
  • Payments where an ABN has not been quoted in relation to a supply

Businesses must report any withheld amounts and pay it to the ATO. Penalties may apply where a failure to comply with PAYG withholding obligations to an employee are evident.

PAYG instalments are regular payments you make throughout the year towards your expected annual income tax liability. They assist you to reduce the chance of having to make a large tax payment after you lodge your tax return. PAYG instalments apply to both individuals and businesses.

Request a Free Consult with our Tax Specialist