Facts

Please read the following facts which are related to any of the organisations in general.

• If you are registered with Tax Agent you do not have to rush for filing Income tax returns on 7th of July but you can file it by 31st March and pay tax by 7th of April.
  
  
• If your residual income tax on your last income tax return is more than $2,500, you may have to pay provisional tax for the following year.
  
  
• You can pay your provisional tax on due dates to avoid interests.
  
  
• Understand thoroughly from your advisor business expenses which are deductible from business income. There are certain restrictions to claim expenses like entertainment, legal fees, motor car expenses etc, and do not trap in the bad situation.
  
  
• The main items of expenditure not allowed as tax deductible include: capital expenditure incurred in deriving exempt income, bad debts, payments to one spouse to the other; interest and penalty taxes, private or domestic in nature; and incurred in deriving income from employment.
  
  
• You can use your home for business purposes and claim related expenses proportionately against your business income.
  
  
• You do not have to register for GST if your annual turnover is less than $60000.00 for preceding year or going to be less than this in future years as per current law. How ever you may register voluntarily even if  your turnover is less than $60000.00.
  
  
• You may file your GST return – six monthly, two monthly or monthly.
  
  
• You need to hold invoices for more than $50.00 value of your income and expenses.
  
  
• Due dates for filling GST return is 28th of the following the end of taxable period except for return periods ending:
  
  

1. 30th November – the due date is 15th January of the following year.
   
2. 31st March – the due date is 7th May.
   
   

• If the due date for your GST return falls on a weekend or public holiday it will be due the next working day.
  
  
• Remember, send in your GST return and payment on time to avoid late filing penalties, late payment penalties and interest.
  
  
• There are strict rules and regulations for various other areas like: FBT, PAYE, and acts related to employees and employment.
  
  
• You must hold your business records for 7 years.
  
  

For more comprehensive guidance and information please contact us.