For a full list of records you should keep and how long you should keep them, consult this resource. There are also numerous software tools you can use to help, and this resource from Capterra offers some great reviews on top platforms. Next, double check that you enter each tax invoice only once and that all of your expenses and sales are for the correct time period.
Finally, be sure to keep all of your tax invoices and GST records for five years. Following the tips listed above should help you do this more easily and avoid any unnecessary friction along the way. Selective invoice financing allows you to leverage certain invoices to obtain a cash advance, which you can use to pay your BAS.
To learn more about these and other options, contact Scottish Pacific today. We have a range of finance options that can be tailored to fit you and your business. Learn more. Partners Partners. About Us About Us. Client Stories. In The Community. Login Halo Login. Cash Connector Login. Broker Login.
Business Finance Products. Asset Finance Equipment Finance. In terms of the specific quarterly dates in which you must lodge throughout the year, they are as follows: July, August and September — 28 October October, November and December — 28 February January February and March — 28 April April, May and June — 28 July If monthly reporting is required, you must lodge and pay your BAS by the 21st of the month following the taxable period.
As I noted earlier perhaps it is best to have a chat with your accountant, once you have determined what exactly the payment is for and the amounts if more than one type of credit has been given , to ensure you get the categories right for EOFY as well as any auditing that may be conducted at a later date.
I have been stumped by the phrase 'stimulus payment'. So the credit is your good luck and you can apply that as the business sees fit. Creating a new income account is probably the best way to go - clearly we haven't received a cash credit hence my confusion, lol. Please accept my apologies for taking so long to decipher the issue. Very similar to how you are going to set up the JobKeeper Income Account. I hope this helps, please note I am not an expert by any means but this is what my Accountant advised.
May I do not think we should set up an Income account for this assistance coming in from Govt under Covid It should be a Balance Sheet account. Any thoughts pleases? The Cash Flow Boost is definately an income item. It is a non-taxable item and this is why my recomendation is to create a new Other Income account 8-xxxx for this called Cash Boost Stimulus Non Assessable with a tax code N-T.
The Federal Court found that any reasonable period should generally only involve the time taken for administrative processes, and should not encompass the time that investigations require — and therefore the ATO was directed by the court to pay the GST refunds to Multiflex. As with many such circumstances of course, there is risk in paying first and verifying later, and so the ATO maintained the view that whatever the reasons for incorrect GST refund claims — whether carelessness, recklessness or fraud — it would be necessary regardless for there to be an integrity requirement to enable the ATO to delay some refunds in certain circumstances.
In short, there are now new provisions and amendments, which interestingly considered New Zealand legislative provisions and a British judicial approach in developing the new GST refund laws.
The provisions continue to allow for the previous practice of retaining a refund should circumstances dictate that the ATO may be best served by doing so, however there are now important statutory conditions imposed. These are:. The same tests of reasonableness apply if more time is subsequently required. This will ensure that when lodgement takes place, it will go through smoothly. Upon receiving your tax return, the ATO follows a set of processes to ensure all documentation is correct and verified.
This takes between 5 — 12 working days. When the ATO has deemed your tax return valid, they will then transfer your refund into your nominated bank account. Please allow three days for the funds to arrive in your bank account. The ATO may choose to audit a return within 2 years of the return being released. It is important to keep your receipts and not assume that just because you received your tax refund that the ATO has fully accepted your tax return.
Your ITP tax agent will be able to amend the information on your behalf, up to two years in fact.
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