When the government gives you a lot, it’s your prime responsibility to return it back!
Similar ideas come to the mind each time a taxpayer pays their taxes with honesty. Each of the salary earners in Australia needs to lodge a tax return during the prescribed time domain.
Why is a tax return lodged?
Even though the employers deduct taxes every time they pay their employees, still the tax return lodging is a very important thing mainly due to the following reasons:-
- People may have additional income (for example- bank interests, rent, shares, or any other sources of receiving payments)
- It gives an opportunity to claim back some of the expenses related to work
- In order to avoid the late fees/ fines which can be from $850 p.a. plus interest
In certain cases, taxpayers need to pay more taxes, while in other cases, they get some money back.
Duration of Tax Return
- Tax returns in Australia cover the financial year starting on July 1 and ends on 30 June of the following year, and in case one is lodging their own tax return, it is due by 31 October.
- For preparing and lodging your own tax return the duration remains from 1 July to 31 October to lodge it.
Do you need to lodge a tax return?
- Most of the people need to lodge a tax return every year. If you are earning your salary in Australia, you need to file the tax return. Whether you are filing a tax return Perth or Melbourne, the same rules apply for all.
- Also, in order to run your business, if you had taken help from any of the income sources during the financial year, you need to file a tax return against it, until and unless you fall in any of the exceptions category.
How to lodge a tax return
- Lodge through a tax agent
- Lodge through a tax filing agency
- Lodge a paper tax return
- Tax Help program
First Time Tax Lodging
- For the first timers, lodging a tax file can be a difficult job. But, with the professional help, things tend to go simply different.
- If you don’t have the right idea of completing this process, professional help is always handy with a large number of tax filing agents and agencies in the country.
- Initially anyone who comes into the process of tax filing holds a number of questions and anxieties associated with it. This is where the real professional help is required. Get the answers for all your queries on a single point choosing any of the professional tax filing agencies and you are saved.
- They not just have the perfect answers to all your queries but, they also help you file your taxes with the least efforts and complete ease.
Keep these prime facts in mind or for a greater help you can also look for any of the expert tax return accountant Brisbane, Melbourne and other places in Australia.
If you wish to go easy with your GST filing, you need to follow the rulebook!
With the GST pattern running successfully in the awe striking continent of Australia, businesses are no longer troubled with filing the separate returns for excise, VAT, sales tax and service tax. This has not just saved their troubled lives but has also helped with the fostering business premises.
If you are an entrepreneur running your own business or some or the other way directly involved with running a business entity, it’s very important to understand the GST return filing system and also hire a professional GST return services offering agency for an easier flow.
Herein, we are talking about a few prime things to know and consider while filing the GST returns in this continent country!
Before that, one needs to first understand what the GST return contains!
What is a GST return?
Similar to the tax return that holds the details of a taxpayer’s income; his/her GST returns (GSTR) will contain details of:
- Purchases
- Sales
- Output GST (on sales made by the tax payer)
- Input Tax Credit (GST Paid on the inputs or purchases)
Where to file GST returns?
All the GST returns can be filed via different mediums; however, the online medium under the guidance of a professional service provider seems to be the best choice.
Mentioned below are the three simple ways to lodge your tax return:
- Online: Which is the easiest and quickest way for tax lodging
- Form Filling: By completing the paper tax return form
- Tax Agent: Under a registered tax agent
GST return exemptions
The GST return mostly comprises of a taxable amount that implies on the sales of goods and services. However, there are a few exemptions that fall under the GST non-taxable picks.
Mentioned below is a list of the same:-
Main GST-free products and services
- most basic food
- some medical, health and care services
- some medical aids and appliances
- some medicines
- some childcare services
- some religious services and charitable activities
- water, sewerage and drainage
- international transport and related matters
- precious metals
- sales through duty-free shops
- grants of land by government
- farmland
- international mail
- exports
- sales of businesses as going concerns
- some telecommunications supplies
- Eligible emissions units.
Exports
- Exports of the goods and services from Australia are generally GST-free.
- Broadly, the supply of a service remains GST-free if the recipient of the service remains outside the Australian province.
However, there are particular set of rules and protocols to follow for determining the goods or services under the GST- free account.
GST has turned to be the biggest ease for the existing tax burden, compliances and return filing system. With a number of agencies offering tax filing and accounting services in Australia, things are even expected to go towards higher ease and comfort.
Are you worried of managing the human resources for your small business accounting Australia?
If yes! you can get a healing touch with the business payroll services ready to take care of all the human resources related daily chores. Changing the industry landscape rapidly with a ground-breaking innovation, these services have proved to be a real relief for those HR people who were taking the pain, till date.
It mainly happens that in order to manage the different intensive and tiring HR activities such as- payroll and compliance, business bodies shift their focus from the core business objectives.
Now no need to compromise your business for managing the human resource issues!
All your end-to-end payroll management with reduced processing costs comes your way with the streamlined and consistent work of business payroll services in Australia, offering bodies who are a pro at execution of the payroll and fulfilling the statutory and compliance needs.
What to expect from a business payroll services provider?
- Payroll processing
- Payroll Statutory Compliance Management
- Reports and Analytics Representation
- Employee Self Service
- Query Management
Things an average business payroll services provider offers
- Helps in keeping a track of the employee tax information
- Helps in employees view and updation of the benefits, retirement, or insurance related information
- Offers access to accurately created pay slips in time
- Handles the special payment circumstances both- legally and accurately
- Administers and collects the different important human resources forms
- Offers different quarterly reports or key data sets for the right groups
One of the most commonly confused terms in the field of finances and accounting is the difference between an accountant and a tax agent.
Specially, when the tax filing season comes up, we tend to get disguised by any of these as our agents who can help us with our tax filing and reduction matters. Well! Here is a clear cut demarcation between both these important ingredients of the financial world.
One needs to understand that despite the common belief, both these entities aren’t the same. Similar to the differences between various types of lawyers such as criminal, family, property, etc. there are different types of accountants as well.
Accountant
The title accountant is often suitable for any individual who holds his qualification in the subject of accounting. They often appear as a guide in tax and accounting services. However, similar to the doctors and lawyers, even the accountants are of different types such as- management accountants, tax accountants, financial accountants, cost accountants, etc.
Tax Agent
However, a tax agent is primarily an accountant who is registered under the Tax Practitioners Board and similar to the BAS agent. They need to mandatorily hold the minimum qualifications and experiences as prescribed. They also need to have the specific insurances in place and keep mandate maintenance of their knowledge through continuous professional education. They are the professionally qualified folks who can help you with your tax and bookkeeping services and also guide you on saving the hard earned money that is often lost under the umbrella of taxes.
So, what do you prefer?
