Why, how and what to look for if you want to make BAS simple in the
In the agricultural
BAS Quarterly Periods
The Quarterly BAS Periods and Lodgement Dates for 2018 are:
Quarter 3
January to March 2018
28 April 2018
Quarter 4
April to June 2018
28 July 2018
Quarter 1
July to September 2018
28 October 2018
Quarter 2
October to December 2018
28 February 2019
Record Keeping
Tax invoices, purchases orders, and receipts should be kept on file. This includes any purchases of livestock, machinery, wine making products, crops, fertilisers, and sprays. Records can include tax invoices, receipts and bank statements.
If you trade as a Sole Trader or Partnership you are required to keep your records for 5 years from
Accounting Software
Simple BAS Lodgement
If you have a GST turnover of
You only
need to report the following labels:
- G1 Total Sales
- 1A GST on Sales
- 1B GST on purchases
There is no longer
a requirement to report:
- G2 Export sales
- G3 GST free sales
- G10 Capital purchase
- G11 Non-capital purchases
PAYG Instalments
Pay as You Go income tax instalments are calculated and lodged at the same time as your BAS. All BAS and PAYG instalments should be lodged before your annual return is lodged. If your income differs significantly each quarter, the PAYG instalments can be adjusted to reflect this. Speak to us for more information on how to best organise PAYG instalments for your rural property.
Timing Your Purchases
Timing your purchases will make for better
If you are planning new purchases bear in mind the timeframe that it takes to claim back your GST. For example, if you buy new machinery on 5 April 2018 for $75,000 excluding GST, you will need to pay $7,500
This $7,500 cannot be claimed until lodging the April to June 2018 BAS. If the machinery were purchased on 27 June 2018
Fuel Tax Credits
Keep records showing the type and amount of fuel purchased and record for what purpose the fuel was used and in which vehicle.
For example, was the fuel used while travelling on a public road, for tending crops or clearing land?
Wine Equalisation Tax (WET)
If you are a wine manufacturer you will usually have a Wine Equalisation Tax liability. You will be required to collect this tax and pay the ATO if you supply wine within Australia.
WANT TO KNOW MORE ABOUT MAKING BAS SIMPLE FOR YOUR AGRICULTURAL BUSINESS?
A little preparation each week can save you hours, or even days of preparation at BAS time. For more information on simple BAS preparation for the agricultural industry,
contact us
today. We have been helping those in agriculture to minimise their tax and improve their profit for almost 80 years.
About the Author - Kirsty Grady
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Investngro Pty Ltd ABN 53 113 102 695 trading as Murray Nankivell Financial Planning, is an authorised representative of Count Financial Limited ABN 19 001 974 625 holder of Australian financial services licence number 227232 (“Count”). Count is owned by Count Limited ABN 111 26 990 832 of GPO Box 1453, Sydney NSW 2001. Count Limited is listed on the Australian Stock Exchange. Any taxation and accounting services are provided by Murray Nankivell and are not within the authority Count. The information on this web site is not financial product advice and is provided for information only.