We are all familiar with
the truth of this quote but death and taxes don't have to occur in the same
breath!
As taxation consultants, HOLLINGS ASSOCIATES will take the
stress out of your taxation concerns and you will live to tell about it,
positively, we trust.
Our clients include people from all walks of life
covering many types and sizes of businesses, professions and occupations.
The tax returns we prepare range from the very simple to the very
complex, for individuals, partnerships, companies, trusts, superannuation
funds and non-profit organisations.
Whilst our tax system in Australia is far too complex, we can assist you, no
matter how involved your affairs may be.
There are legal ways to reduce income tax payable but make sure you keep
full records of expenses and income so that we can maximise the benefits for
you.
In addition, we assist clients deal with GST, fringe benefits tax, payroll
tax and land tax matters.
Tax returns - New clients
If you would like us to act for you this year, make
sure you see us as soon as possible after 30 June.
If you will have the
information for us after 31 October, we need to register you as one of our
clients before 31 October. Those who prepare and lodge their own tax
returns need to do so by 31 October. If not, there could be a late
lodgement penalty.
Once you are one of our
clients, as a general rule, we are allowed to progressively lodge income tax
returns without penalty over a 9-10 month period each year, but do not leave
it too late. Please phone for an appointment NOW.
Fringe Benefits
Tax (FBT)
If you are an employer
and supply a fringe benefit to an employee, you may be liable for Fringe
Benefits Tax.
Fringe benefits may include
loan interest at a less than commercial rate, supply of a motor vehicle,
staff entertainment, payment of personal expenses for an employee, etc.
The FBT year ends on 31 March.
If you fit into this category, please record vehicle speedo readings as at 31
March and then contact us.
Activity Statements
There are a number of activity statements issued by
the ATO which can be monthly, quarterly or yearly, usually related to the
amount of tax for a particular client in a year.
1. Business Activity Statements (BAS)
They cover such taxes as GST, FBT, tax witheld from
salaries and wages, or interest or dividends for non-residents, as well as
instalments of income tax for those with non-salary type income.
They are usually due to be lodged within 21 days of
the period end date. However, for those clients who ask us to check, prepare
and lodge electronically, we usually have extra time allowed to us by the
ATO for quarterly and yearly statements.
It is important that business people keep their
records up to date through the year to help us in this task. If you
lodge and/or pay late, there are possible late lodgement penalties and
interest payable to the ATO.
Fuel tax credits, for those businesses where they
are applicable, are now also included in BAS.
2. Instalment Activity Statements (IAS)
They cover tax withheld from salaries and wages and
income tax instalments for those with non-salary type income only.
They are usually due to be lodged within 21 days of
the period end date. However, for those clients who ask us to check, prepare
and lodge electronically, we usually have extra time allowed to us by the
ATO for quarterly and yearly statements.
3. Quarterly PAYG Instalment Notice
These cover only instalments of income tax for
those with non-salary type income. If you pay the ATO-calculated amount,
there is nothing to lodge. You only need to pay by the due date (usually
around the 21st of the next month).
We suggest clients pay by B-Pay or at your local
post office and NOT by mail.
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