Keilor, Keilor Downs, St Albans, Taylors Lakes, Kealba, Keilor East, Keilor Park, Hillside, Caroline springs, Niddrie, Avondale heights
KT Associates are the small business experts who take time to get to know their clients and foster goodwill in the "people" aspect of their business.
The Taxable Payments Annual Report (TPAR) is due for lodgement by the 28th of August every year. This report is now required by businesses in the following industries: building & construction industry cleaning services courier services road freight services IT services security, investigation or surveillance services You will be required to lodge this report if you paid any subcontractors during the previous financial year. If you did NOT pay subcontractors during the previous financial year, then you will need to make a non-lodgement declaration here. Failure to lodge or make a non-lodgement declaration may results in fines and reminders from the ATO. How to lodge the TPAR: Through your MyGov or ATO Business Portal account Through your bookkeeping software such as MYOB or Xero Post a paper form to the ATO...Read On →
Are you confused by one of these letters from the ATO??? Why did you receive it? This letter is generally triggered by the lodgement of a tax return with a tax bill of more than $1,000. This tax bill is often due to positively geared investment properties and/or business profits from sole traders, trusts, or partnerships. Unlike your salary from your employer who withholds tax from your wages, the above income does not automatically have tax withheld from it during the year. This means that you’ll pay all the tax on this extra income when you lodge your tax return. Unfortunately this can often mean that you end up with a very high tax bill. Therefore, the ATO requests that in the future you pay this tax in smaller instalments leading up to the lodgement of your next tax return. What does it mean for you? First, the ATO will send you a letter similar to the above to notify you that you are being put into the Pay As You Go Installment (PAYGI) system. The notional tax is your estimated tax bill for the next year. It will be estimated slightly higher than the tax bill from the tax return just lodged. This figure will then be broken into four quarterly payments for which the ATO will send you PAYGI notices with further details about payment. These quarterly PAYGI notices will be posted to you every three months on a pink form with details of how much to pay and where to pay it to. Alternatively, the PAYGI will be incorporated onto your BAS if you...Read On →