Easier GST Reporting For New Small Businesses

SFP_WPAdmin — Mon, 27 Mar 2017 08:27:35 +0000

The ATO has notified taxpayers that, from 19 January 2017, newly registered small businesses have the option to report less GST information on their business activity statement (BAS).

Therefore, if you plan to register for GST after receiving this update, we can help you access the reporting benefits of the simpler BAS early.

Editor: From 1 July 2017, small businesses generally will only need to report GST on sales, GST on purchases, and Total sales on their BAS.

The post Easier GST Reporting For New Small Businesses first appeared on Singleton Financial.

Ride-Sourcing Is ‘Taxi Travel’

SFP_WPAdmin — Mon, 27 Mar 2017 08:16:20 +0000

In a recent case, the Federal Court has agreed with the ATO that ‘ride-sourcing’ (such as that provided using Uber) is ‘taxi travel’ within the meaning of the GST law.

The ATO has advised people who are taking up ride-sourcing to earn income should:

keep records
have an Australian Business Number (ABN)
register for GST, regardless of how much they earn, and pay GST on the full fare received from passengers for each trip they provide
lodge activity statements
include income from ride-sourcing in their income tax returns

Drivers are also entitled to claim income tax deductions and GST credits (for GST paid) on expenses apportioned to the ride-sourcing services they have supplied.

The ATO warns that they can match people who provide ride-sourcing through data-matching, and will continue to write to them to explain their tax obligations.

The post Ride-Sourcing Is ‘Taxi Travel’ first appeared on Singleton Financial.

GST | Singleton Financial

Easier GST Reporting For New Small Businesses

Ride-Sourcing Is ‘Taxi Travel’