The government requires small business owners to prepare certain forms and reports throughout the year to calculate how much tax you either need to pay or that the ATO owes to you.
BAS or Business Activity Statements
The business activity statement (BAS) is a tax reporting requirement for businesses issued by the ATO on either a monthly or quarterly basis. It’s used for reporting and paying goods and services tax (GST), pay as you go (PAYG) instalments, PAYG withholding tax and other tax obligations.
When you register for an Australian business number (ABN) and GST, we will automatically send you a BAS when it is time to lodge.
All businesses registered for GST are required to lodge a BAS by the due date.
Tax Returns & Financial Statements
Tax can either been seen as a necessary evil or an opportunity. When prepared, financial reports and tax returns can be seen as a snapshot of your business and can prompt a number of questions of which the answers can potentially save you money. Accurate and detailed financial information gives owners the information and confidence they need to make the right decisions.
When you are a client of Inspire we include the preparation of all the info the ATO requires, which is why we say “we’ll keep you out of jail, but help you keep as much of your hard earned cash as possible”.
Self Managed Super Funds
In the world of SUPERANNUATION, there are Drivers and there are Passengers. More and more Passengers are opting to become a Driver themselves in order to have better control over their financial future. Put simply, they are becoming SMSF Millionaires.
Self Managed Super Funds are to retail funds what UBER is to the taxi industry – DISRUPTORS. As of march 2016, there was $589 Billion in SMSF assets (compared to $531 Billion in retail funds) and that number is expected to grow to $100 Billion by 2020.
A self-managed superannuation fund (SMSF) is a popular option for investors seeking flexibility and greater control of their superannuation.
There are many advantages of using a SMSF, and there are also many obligations that you need to be aware of. We can assist you with understanding these obligations and guide you through the whole process to make it easy for you.
If you proceed to set up a SMSF, your new SMSF can reimburse you for this amount so you won’t have to use any of your personal funds!