2. Sale tax (WTS) and other taxes on imports and productions.
3. Input tax credit.
4. Ten per cent.
5. Instalment Activity Statement (IAS).
6. GST free, input taxed, exempt.
8. If Input tax credit not claimed within 4 years.
9. Business with an annual turnover over $75,000 p.a.
11. By claiming input tax credits.
13. Not-for-profit business with turnover less than $150,000, Tax operators, resident
Agents acting for non – residents, representatives of incapacitated entities.
14. When a business has a turnover greater than $2 million p.a.
15. Adjustments recorded for previous BAS periods.
16. Cash or accrual basis.
17. July to September, October to December, January to March, April to June.
19. If the business was not registered for GST.
20. PAYG Income Tax Withholding (PAYG - ITW).
21. Ways of keeping yourself updated regarding legislative changes are following.
21. Outline the research methods and sources of information used to update knowledge of professional and legislative requirements relating to activity statements?
- Ways of keeping yourself updated regarding legislative changes are following:
• Choose a payroll software provider that supplies software updates when legislative changes occur.
• Attend payroll seminars covering the latest payroll legislation.
• Visit the Australian Taxation Office website.
• Join a payroll association.
• Visit your state revenue office website.
Tax Agent Services Act (TASA), including Code of Professional Conduct and civil penalty provisions
The tax agent services legislation consists of:
• Tax Agent Services Act 2009 (TASA) – establishes the Tax Practitioners Board and provides for the registration and regulation of tax agents, BAS agents and tax (financial) advisers.
• Tax Agent Services Regulations 2009 (TASR) – contains the qualifications and experience requirements for registration as a tax agent, BAS agent and tax (financial) adviser, the application fees payable and the requirements to become a recognised tax agent, BAS agent and tax (financial) adviser association.
• Tax Agent Services (Transitional Provisions and Consequential Amendments) Act 2009 – contains the transitional and consequential matters arising from the enactment of the TASA.
• Tax Laws Amendment (2013 Measures No. 3) Act 2013 - creates a regulatory framework for tax (financial) advice services and contains the transitional provisions for registration as a tax (financial) adviser.
Fringe Benefits Tax Assessment Act
- Fringe benefits tax (FBT) is a tax employers pay on certain benefits they provide to their employees, including their employees' family or other associates. The benefits may be in addition to, or part of, their salary or wages package. FBT is separate from income tax.
If you were required to pay FBT of $3,000 or more in the previous year, you need to pay the tax quarterly by instalments with your business activity statement (BAS).
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