Tax guide: Key Tax Terms
STEP 1 | Small business tax 101
Welcome to your quick guide on essential tax terms and dates! We’ve made it simple and fun, so you can breeze through tax season without breaking a sweat. Let’s get started!
Key takeaways:
GST
A 10% tax on goods and services sold in Australia. If you’re making over $75,000 a year, you’re in the GST club!
BAS
This quarterly form sums up your income, GST collected from clients, and GST paid on expenses. It’s your business’s way of keeping the ATO in the loop.
PAYG
Spreads out your annual tax payments. Based on last year’s tax return, most freelancers and sole traders need to make these instalments.
EOFY
June 30th wraps up the financial year. July 1st starts it all over again!
When to Submit Your Income Tax Return
Self-lodging: By October 31st
With a registered tax agent: By May 15th
When to Submit Your BAS Forms
Quarter 1
July - September
October
28Quarter 2
October - December
February
28Quarter 3
January - March
April
28Quarter 4
April - June
July
28
Pro Tip: If you’re using a tax agent, you get an extra 30 days to submit your BAS.
Ask the Expert...
What’s the deal with quarterly tax payments versus the annual tax return?
Your annual tax return summarises your entire financial year’s income and expenses. The ATO uses this info to estimate your PAYG payments for the next year. While your fourth quarterly payment might coincide with your annual tax return, they’re not the same. You need to file both!
Why Tax Time is Easier with Sole
Sole takes the stress out of tax time with automatic tax estimates, GST tracking, instant reports, and more. We’ve partnered with Accountants Direct to provide expert advice, making sure you get the best out of your tax return.
Calculating your taxable income
Stay on top of your finances and avoid unexpected tax...
Step 02Claiming Business Expenses
Maximize your deductions to lower your tax bill...
Step 03GST for Sole Traders
Learn how to manage and pay GST effectively....
Step 04Managing BAS & PAYG
Simplify your tax payments throughout the year....
Step 05Filing Your Tax Return
Ensure you have everything you need for a smooth filing...
Step 06
Start your free trial today
Sole gives you the easiest way to stay on top of your accounting and financial records. To get cracking, we’ll shout you 30 DAYS FREE.
