The due date for lodging and paying is displayed on your business activity statement (BAS). If the due date is on a weekend or public holiday, you can lodge your form and pay on the next business day.

Preparing your Business activity statement


Quarterly reporting

Quarter
Due date - paper
Due date - online
1 - July, August and September
28 October
11 November
2 - October, November and December
28 February
28 February
3 - January, February and March
28 April
12 May
4 - April, May and June
28 July
11 August

Monthly reporting

The due date for your monthly BAS is usually on the 21st day of the following month. If the due date is on a weekend or public holiday, you can lodge your form and make any payment due on the next business day.





This News is republish from site https://www.ato.gov.au/Business/Business-activity-statements-(BAS)/Lodging-and-paying-your-BAS/Due-dates-for-lodging-and-paying-your-BAS/
Follow the links below to find out how to complete, lodge and pay your business activity statement (BAS).

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This News is republish from site https://www.ato.gov.au
Find out how to complete the business activity statement (BAS) labels for:

 Contact BBW Business Services for Bas Preparation Services


This News is republish from site https://www.ato.gov.au/
The business activity statement (BAS) is a form submitted to the Australian Taxation Office by all businesses to report their taxation obligations.

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These include pay as you go withholding (PAYGW), pay as you go instalments (PAYGI), fringe benefits tax (FBT), wine equalisation tax (WET) and luxury car tax (LCT). PAYGW is sometimes known as "Income Tax Withholding (ITW)," PAYGI is sometimes known as "Income Tax Instalments (ITI)".[1]
There are a variety of different BAS forms which an organisation can complete. The form which a business receives depends on what taxation liabilities an organisation has (these are referred to as roles). Statements are usually issued quarterly, some roles can be reported at different frequencies depending on business structure and income. Some roles such as GST can be reported annually, subject to eligibility criteria being met.
Although activity statements are usually submitted quarterly, some entities are required to report obligations on a more frequent basis. Some entities may be required to report PAYG Withholding liabilities or GST on a monthly basis. [2]
Every activity statement carries a unique document identification number (DIN). Activity statements can be submitted to the ATO on paper (mail), by phone, electronically (via a Tax Agent's electronic lodgment system or "ELS"), or through the ATO business portal.[3]
Activity statements are processed by the Australian Taxation Office through its operations sub-plan. Any errors which occur with activity statements are usually handled by a department known as activity statement product (exceptions {ASP(E)}). ASP(E) operates under the operations sub-plan, client account services (CAS) business service line (BSL). Errors may occur when a business client reports figures incorrectly, where a client includes cent figures (only dollar figures are allowable), where an arithmetic error occurs, when a statement is submitted when no roles are active for the client, or when the handwriting on a paper statement is illegible.
The business activity statement was introduced in 2000 as a part of a major tax reform which also included the introduction of the goods and services tax (GST). The various forms and reporting methods have changed considerably since the initial introduction of the BAS.
This information is reprinted form site  http://en.wikipedia.org/wiki/Business_activity_statement


ANALYSIS
THE Intergenerational Report to be released today will be a dense, forward-looking guide to the economy which will amount to an elaborate “I told you so”.
The Government will use the report to justify dumping policies of past Labor governments and elevating its own measures in the Budget last May.
The report will take an informed look at the shape of Australia in 40 years time, but like its three predecessors it will largely be about the contemporary political struggle.
Prime Minister Tony Abbott has already announced it will show Commonwealth debt would have soared if Labor’s spending had been sustained. But under his Budget — had it made it through the Senate intact — a surplus would have been achieved and maintained for 35 years from 2019.

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It’s stunning that any government could claim to make an accurate depiction of economic life four decades hence when annual Budget projections can fall into a heap after just six months.
But there will be valid forecasts from this report, as there were with the first three, as to the nation’s changing demographics and the effect these changes will have on what we can afford. It will be interesting to see what has been included and what has been excluded.
We again will be told Australia’s aged population is growing and adding to the costs of health and welfare services.
We might not be given forecasts as to the effect of climate change on national productivity and outlays.
We will be told more taxpayers will be needed, with older people urged to put off retirement and stay at work.
We might not be told how big the population should be in 40 years and the tole of immigration in reaching that target.
The Government knows the overall shape of its second Budget to be released in May and the report will be designed to argue for those measures two months before their release.

This new is reprinted from site http://www.news.com.au/finance/economy/tony-abbott-will-use-intergenerational-report-to-sell-budget/story-fn84fgcm-1227248736793



Treasurer Joe Hockey insists the Australian economy is still performing well by international standards despite lower-than-expected growth figures.

The latest national accounts show the economy grew by just 0.5 per cent in the final three months of 2014, taking it to an annual rate of 2.5 per cent.

'Our economy over the past year has grown faster than the United States, Germany and obviously Japan and other key trading partners such as Hong Kong and Singapore,' Mr Hockey told reporters in Canberra on Wednesday.

'We are in a good position to manage the transition in our economy and maintain out positive economic trajectory,' he said.





-News is Reprinted from http://www.skynews.com.au/business/business/national/2015/03/04/economy-strong-by-international-standards.html#sthash.iUGBan5g.dpuf
The company was fined over two ads for its Naked Broadband 250GB Plan. Source: YouTube
INTERNET provider iiNet has paid more than $200,000 in fines for failing to display adequately the price of one of its advertised products.
The company was fined over two ads for its Naked Broadband 250GB Plan, which appeared in Melbourne on a billboard and tram in November 2014.
The Australian Competition and Consumer Commission (ACCC) said while the ads showed the cost of the product, the displayed price was not prominent enough.
As a result, the watchdog issued the company with $204,000 worth of fines.
“The total minimum price was included in the advertisement but the ACCC considered that it was not displayed in a prominent way, as required by Australian Consumer Law,” the ACCC said in a statement on Tuesday.

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ACCC chairman Rod Sims said iiNet was pursued because consumers must be able to understand “the true cost of an advertised product so that they can make informed purchasing decisions”.
“Businesses must ensure that when they advertise part of the price of a good or service, the total minimum price is also prominently displayed,” he said.
In December the ACCC fined Telstra more than $100,000 over an iPhone 6 advertisement it deemed to misrepresent the price of the phone.
The ACCC says action against telco providers remains a priority.
This news is reprinted from site http://www.news.com.au/finance/business/iinet-pays-200000-in-fines/story-fn5lic6c-1227246223771
IBM Australia says it pays below the 30 per cent company tax rate, but that the Tax Office is happy with the taxes it pays.
Despite previous ATO reviews into its tax affairs, its submission to the Senate inquiry into corporate tax avoidance,said it was now considered a “low risk taxpayer” and there have been “no adverse findings” by the agency against it.
Over the income years 2010 to 2014 IBM Australia has had an average effective tax rate of 27 per cent. In 2013 the company reported a profit of $233 million on revenue of $4.12 billion.

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It notes that during 2008 and 2011 the ATO conducted two reviews of IBM Australia’s income tax affairs. These were for income years between 2005 and 2011 and “involved detailed examinations of IBM Australia’s tax affairs including its related party dealings”.
The ATO concluded that IBM Australia was properly meeting its Australian tax obligations and the reviews did not result in any adjustments to IBM Australia’s tax liability,” it said.
IBM – like many other corporates have in their submissions to the inquiry – also raved about having “received favourable ‘key taxpayer’ risk rating” from the ATO.
The agency using a risk rating system to determine who it chases every year and as Fairfax Media recently reported, there’s just one taxpayer in the nation that is now labelled “higher risk”.
Some submissions to the inquiry have questioned the accuracy of this rating system in addressing tax avoidance.
Former ATO officer Martin Lock suggests in his submission that “contrary to ATO claims, a decline in the number of disputes with large companies and multinationals is unlikely to mean the tax law has been made any clearer through ATO publications or that more taxpayers are now doing the right thing. Rather, it is more likely to mean that the ATO is not identifying or challenging as many contentious claims as before.”
He says the model, which has been in operation since 2010, relies on tax disclosures, not non-disclosures, and “mostly ignores qualitative intelligence concerning the entity’s business affairs”.
“A tax return won’t for example, disclose whether the valuations the entity uses for its thin capitalisation, transfer pricing or capital gains tax calculations are contestable – and whether a greater amount of tax is therefore payable as a result,” Mr Lock said.
It also did not account for areas classified as “other” on tax returns, which Lock says are arguably interest or royalties by definition and potentially subject to withholding tax.
Mr Lock said even if tax return analysis discloses a potentially contentious grey law issue, the tight risk review timelines imposed on compliance staff, and the a fight by the company against their rating, will likely fend off further investigation.
A company’s risk rating is usually identified in a latter to company bosses. IBM divulges what Tax Office wrote to it, including that, ‘your commitment to a cooperative compliance relationship is one we seek to have with all large business. The cooperative nature of our relationship helps to limit the consequence and impact on your business and the tax system of any potential risks that may arise’.
The company has also entered into a tax deal with the ATO – known in tax circles as an Advanced Pricing Agreement (APA) – which is a deal on how much tax is paid in future years.
The Tax Office submission to the inquiry says the use of APAs and private rulings is on the rise.
The number of private ruling requests from companies has increased by 30 per cent since 2011 and the number of Advance Pricing Arrangements (APAs) in place has increased by 12 per cent over the past three years.
Last year the Tax Office rejected six APA applications from corporates. It comes as pressure mounts on the Abbott government to hunt down multinationals lowering their tax bills.
This news story is reprinted from www.smh.com.au
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UNIVERSITIES would have to pay a 20 per cent tax on fee increases above the current student price caps, rising to 60 per cent on fees more than $5,000 above the caps, and 80 per cent on fees more than $10,000 above the caps, according to an example put forward by HECS architect Bruce Chapman in his submission advocating a tax to discourage excessive price hikes in a deregulated market.
The example assumes that the government doesn’t cut teaching funding by 20 per cent. If the cut was left in place the initial threshold could be set at a lower level. Professor Chapman stressed that the scenario is for illustrative purposes only in showing how the tax could work.
Professor Chapman has worked up the idea in partnership with higher education expert David Phillips, who has said the government is seriously considering the idea. While the submission makes clear that it is Professor Chapman and Mr Phillips’ idea and not the government’s, they nevertheless developed it with the help of the department.
“Transparently, the policy proposal is not the Government’s position. It is a suggested change to it, aimed at correcting for what many believe to be a risk and concern in the Government’s suggested reform. But, with the agreement of senior officers and the Minister’s office, Departmental officers were of assistance in developing the proposal and the illustrative example,” Professor Chapman says in his submission.
Professor Chapman’s submission makes it clear that the Group of Eight universities would be hit the most by the tax, reflecting expectations that they will have the most pricing power under deregulation. Under the fees tax, the Go8 would be expected to contribute about 55 per cent of the revenue raised from the sector as a saving for government. In contrast under the government’s plan to cut funding to the sector by 20 per cent, the Go8 will be contributing about 30 per cent of the total savings.
Professor Chapman said the proposal for a fees tax was needed because of the risk of excessively high prices driven by cheap student loans and the propensity for price to be conflated with status and quality. The advantage of the tax was that it would still allow universities the freedom to set their own fees while discouraging them from taking advantage of HECS and subsidies by setting excessively high prices.
“It is difficult to believe…that fee deregulation in the form proposed in the Budget will result in moderate-only price increases overall, and in important parts of the higher education market the potential for very high price changes seems very real,” Professor Chapman said.
However Professor Chapman isn’t calling it a tax. Instead he has called it a “University Subsidy Contingent Scheme.”
“Policies such as UCCS, if designed well, have a real potential to limit price rises to socially reasonable and fair levels,” he said.
This news story is reprinted from www.theaustralian.com.au
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THE Australian economy is expected to grow at a below-trend pace of 2.75 per cent for most of 2015 because business investment is expected be weak throughout the year.

The Westpac/Melbourne Institute Leading Index, which indicates the likely pace of economic activity three to nine months into the future, only rose by 0.30 percentage points in January, and has been below trend for the 12th consecutive month.

“We still believe that an interest-rate cut in March is the best policy to support domestic demand and maintain downward pressure on the Australian dollar and this outcome remains our forecast,” Westpac chief economist Bill Evans said.
This news story is reprinted from www.theaustralian.com.au

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Tony Abbott declares that bad people should no longer get away with playing Australia for mugs, as they have been doing (“PM talks tough on security”, 16/2). Well said, sir. The 30 large multinationals that sent hundreds of billions of dollars offshore in 2012-13 to “related entities” in Singapore and Switzerland to avoid taxes play Australians for mugs, as do News Corp and Telstra, with their nice little lurk of lending money to related overseas businesses at inflated rates, claiming the interest as a tax deduction, then lending it back to themselves at zero interest rate (“News Corp, Telstra tax bills slashed by loans merry-go-round”, Business Day, 16/2).
Our Prime Minister is intent on making needy communities meet the shortfall, instead of taking on the big boys: all swagger and no guts. Very little indication so far that our shadowy Opposition Leader will do any better.
How is this “benefit of the doubt” thing the Prime Minister warns us against different from that fundamental principle of British justice: the “presumption of innocence until proven guilty”?
Living in a bubble?
In defending his sacking of Philip Ruddock, Mr Abbott claims he was not made aware enough of the level of backbench discontent with his performance. It seems the Prime Minister has also not read a single newspaper, watched any TV news or listened to the radio for the past 12 months. Tin ear? More like “the boy in the bubble”.
This news story is reprinted from http://www.theage.com.au
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Australia’s largest banking and finance institutions have defended their corporate tax affairs and have rejected claims the tax system is “fundamentally flawed”, in submissions to a Senate inquiry.

On Monday an international investigation exposed how the Swiss arm of the HSBC bank helped wealthy clients dodge taxes around the world. Leaked files revealed that hundreds of prominent Australians held HSBC Swiss accounts.
The Senate inquiry will examine the adequacy of corporate tax laws and the effectiveness of the Australian Tax Office (ATO). It was launched before the HSBC reports were published, in response to a report from the Tax Justice Network that said scores of Australian companies were minimising tax liabilities.

So far more than 70 organisations have lodged submissions, with many corporations defending their tax practices.

The ANZ bank disputed the findings of the Tax Justice Network report, and said it was “concerned by the current debate”.

“The report suggests ANZ, among others, has underpaid its Australian corporate tax liabilities. As this submission will demonstrate, ANZ has paid, and continues to pay, its Australian tax liabilities in full in accordance with the tax laws,” it said.

Macquarie Group, which includes Macquarie Bank, said: “With regard to Australia’s tax system, it should be noted that in addition to the taxation requirements of offshore countries, Macquarie also adheres to Australia’s controlled foreign company tax provisions so that income generated in countries regarded as not having a comparable corporate tax system is treated as Australian taxable income and is taxed at the Australian rate.”
AMP acknowledged that it used offshore entities, and chose locations based on a range of factors.

“The selection of a particular location requires balancing various commercial, legal, investor and cost (including tax) factors. Commonly used fund locations include Luxembourg, which is the second largest fund centre in the world (only the USA is larger),” its submission said.

The submission said the company “does not shift to, or accumulate profits in low/zero tax jurisdictions” and “does not use the secrecy rules of jurisdictions to hide income/assets”.

The Corporate Tax Association – which represents more than 100 companies, including the Commonwealth, ANZ, NAB and HSBC Australia banks – said it “objected to views that paint a picture that the Australian corporate tax system is fundamentally flawed and that corporate taxpayers in Australia are inappropriately minimising their tax bill”.

But it acknowledged the importance of transparency, and said it had been encouraging its members to “provide more useful and concise information about their own tax performance”.

Each banking body was asked to provide information on the effective tax rate it paid.

ANZ did not do so, saying the tax rate “was a result, not a target”. 

AMP said its rate was 23.3% in the year to 31 December 2013. It noted that was “lower than the general corporate tax rate of 30%”. 

“This results from intended government tax policy and/or accounting rules. All treatments and adjustments are perfectly legitimate and not as a result of aggressive tax planning.”

Macquarie Group said its effective tax rate was “has been 38% or higher for each of the last four reporting periods”.

Public hearings will be held in the next few months, with the committee due to report by June.

This news story is reprinted from www.theguardian.com

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National Australia Bank’s quarterly business survey reveals a two-speed “patchwork economy” where the construction and services industries benefit from low interest rates, while commodity dependent companies lag.
Business confidence also dropped below the long-run average of the bank’s business survey in the last quarter of 2014.
NAB said business conditions were broadly unchanged, remaining at positive 4 index points, while confidence fell 4 points to post a reading of positive 2 index points — well below the long-run average level of 5 points.
The results show sentiment and business conditions “are generally consistent with a patchwork economy,” NAB chief economist, Alan Oster, said.
Although confidence eased in the three months to December 31, business conditions held up during the quarter, thanks to a surprisingly strong October result which proved to be short lived.
While interest rate sensitive sectors such as construction and services are strong, conditions remained softer in all other industries, particularly mining, which has been hit by the downturn in commodity prices, Mr Oster said.
The depreciation in the Australian dollar, which has fallen to multi-year lows, was helping to cushion the impact of commodity price falls for the mining sector, while industries with high import costs saw a larger impact on their conditions from the currency’s decline.
On the outlook, companies’ expectations of business conditions in three and 12 months time both eased, and the bellwether wholesale industry conditions also deteriorated, suggesting business conditions were likely to remain mired, Mr Oster said.
Investment expectations for the next 12 months suggested some pick up in spending will come, with NAB saying the latest official capital expenditure survey suggested there will be an increase in non-mining investment — although not sufficient enough to offset the “unfolding cliff” in mining.
NAB said inflation was subdued in the quarter, rising only 0.1 per cent during the three months, as soft wage growth saw retail prices ease modestly in the group’s survey, contradicting the stronger core inflation figures reported by the Bureau of Statistics.
This news story is reprinted from www.businessspectator.com.au
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Australia has a complex system of taxation including a Federal income tax, capital gains tax and goods and services tax (GST) and eight separate State and Territory systems of duties and taxes.
Tax planning is therefore important to maximize after-tax investor returns.
The following guide sets out some high level issues to consider on a global M&A deal where the target is an Australian company or business or where downstream Australian subsidiaries are involved.
Minter Ellison has an experienced team to advise and assist you with any Australian tax issues that may arise on your deal including:
• Documenting and evidencing your deal, including managing key taxation risks;
• preparing and negotiating tax rulings where appropriate (income tax, GST and stamp duty);
• Advising on funding, equity and governance structures and arrangements;
• Advising on relevant withholding taxes and appropriate gross up clauses;
• Advising on Indirect taxes such as GST and stamp duty and assisting with rulings and registrations.

We trust this guide will provide some useful insights into the Australian tax issues for M&A transactions. Please contact Minter Ellison should you require any further assistance or information in relation to these matters.
This news story is reprinted from www.lexology.com
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With the federal government’s review of taxation about to get underway, many are expecting Australia’s Goods and Services Tax to be up for change. In this GST series we take a closer look at the evidence: the revenue on offer from broadening or increasing, what’s required for the government to change the tax, and the case for compensating those on lower incomes.

It is popular to argue Australia’s goods and services tax is a “regressive” tax, and on that basis, extending the tax to fresh food would be objectionable. Indeed, since people on lower incomes spend more as a proportion of their income on food – it is a tax that hits the poorest hardest. As a consequence, widening the base of the GST would disproportionately impact lower income earners.

But is this a knockout blow for the argument against assessing the GST on fresh food? That it is regressive and unfair and impacts lower income earners disproportionately?

Only if you look at that one aspect of the GST in isolation. Tax academics are fond of saying that there are no such thing as bad taxes, only bad tax systems. Considered as a whole, there are ways of making the tax system fairer while still levying the GST on food.

While it is true that the source of the regressive nature of the GST – the difference between the percent of income spent on food by the lowest and highest income groups – remains, that gap has narrowed significantly since 1984 and is trending downwards, according to my analysis. Where the spending differential on fresh food between top and bottom income quintiles, as a proportion of household expenditure, was more than 5% in the 1980s, it narrowed to a low of 2.5% in 2003-04 and despite a slight rise in the 2009-10 data appears to be maintaining an overall downward trend.

This news story is reprinted from theconversation.com

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