The federal government has vowed to cut tax on small business by $540 million over four years and reduce the red tape burden on up to 2 million small businesses by expanding access to simplified ...

When the GST system was introduced businesses that earned more than $50,000 a year had to register for the new system, while other businesses with income of less than this could choose to register.

From the end of March the clock is ticking for SMEs to lodge their BAS statement. Don’t leave it to the last minute and certainly don’t go over the deadline. By TERRY HAYES of Thomson Legal ...

As this financial year draws to a close, it also marks a change in pace by the Australian Taxation Office, which has shifted from educating businesses about the country's newest tax to ensuring ...

If this option is chosen the business will receive BAS each quarter with the amount of GST payable, based on the previous annual GST statement lodged, and then an annual GST statement must be lodged.

The Australian Taxation Office (ATO) is assessing its internal IT systems in the wake of changes to the GST compliance regime. An ATO spokeswoman said a full assessment of its IT requirements to ...

I’m seeing businesses registering for the GST when they don’t need to, and other businesses not GST registered when they should be. One client came to me after receiving tax fines totaling $140,000 ...

Now, in comparison, if you don’t register for GST your tax bill would be $6,000. You would save $1,090.80 in tax. However you would miss out on $3,636 in extra income from the extra GST charged.

Increased Compliance for Non-compliant Businesses. Under the new rules, most businesses earning under $20 million per year will continue to report their BAS quarterly. However, those who have ...