Following the experience of the first quarterly Business Activity Statement (BAS), the Tax Office has issued 10 tips to help businesses avoid future mistakes and receive their refunds as early as possible
They are:
- DO NOT show cents
- Adjustments are netted off against each other and shown at G7 or G18
- DO NOT include compulsory third-party insurance until July 1, 2003
- Amounts for imputation credits are NOT included on the BAS
- Amounts for dividends (excluding imputation credits ) are included at item T1 only and NOT G1 and G4
- DO NOT include the stamp duty on insurance premiums on the BAS
- Pre-July 1, 2000 credits equal the GST paid multiplied by 11
- Special credit for wholesale sales tax is claimed at G1 and included at T1
- WorkCover premium EXCLUDING STAMP DUTY is included at G11
- If the due date falls on a public holiday or weekend, your payment must reach the ATO by the last working day before the due date falls.
For further information, call the Tax Office's 13 24 78 business line, which will continue to open extended hours (8am to 8pm weekdays).
Alternatively, visit the ATO's website at
www.taxreform.ato.gov.au.