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Holiday season
As this is our last edition of The BAS agent for 2011, we would like to take this opportunity to thank you for your continued subscription and support during the year.
We wish you, your families and friends a safe and happy holiday season.
You will see us again in February 2012.
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Remember to renew your BAS agent registration
If you registered as a BAS agent using the notification option, then your registration will expire on 29 February 2012.
You should lodge your application for renewal of registration by 29 January 2012.
You can submit your registration renewal form online by visiting the Tax Practitioners Board (TPB) website and selecting the 'agent login' link.
For more information:
§ visit the TPB website at http://www.tpb.gov.au/
§ contact the TPB by emailing your questions and contact details to enquirymanagement@tpb.gov.au
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November webcast now available
The latest tax practitioner webcast is available. This edition contains an interview with Dale Boucher, Chair of the TPB and other updates that you may find useful.
You can view the webcast online via video streaming at Tax practitioner webcasts. It is also available as a podcast and in a downloadable format.
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Update on the release of Access Manager
The release of Access Manager, scheduled for late November 2011, has been postponed until early 2012. Until then, you should continue to manage access and permissions for the Tax Agent Portal, BAS Agent Portal and Business Portal using the existing Online Access Manager function in the portals.
For more information, refer to Access Manager.
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Common errors when varying PAYG instalments
If your clients need to vary pay as you go instalments in their activity statements, it is important to ensure the details are reported correctly. Some common errors are:
§ reporting net income instead of gross income
§ excluding income in some quarters
§ reporting nil income when the instalment rate at label T2 is nil
§ varying the income amount at label T1 rather than the instalment rate at label T2
§ reporting one month's income instead of three for goods and services tax (GST) monthly payers.
For more information refer to How to vary pay as you go (PAYG) instalments.
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Speed-up activity statement refunds
You can speed-up your clients' activity statement refunds by ensuring:
§ all outstanding activity statements are lodged
§ financial institution details and other client details are correct and up-to-date.
You can check your clients' details via the BAS Agent Portal, and if you are an authorised contact update them by phoning us on 13 72 86 Fast Key Code 1 1 3.
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Easy payment options for tax bills
Your clients can take advantage of a number of payment options, including BPAY® and credit card, in order to pay their tax bill quickly and hassle-free.
§ Our BPAY® biller code is 75556 and your client's EFT code or PRN is printed on their payment slip immediately above the barcode.
§ Credit card payments can be made online or by phone.
To make a credit card payment or for further information about our payment options, refer to How to pay.
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Need answers to your GST and property questions?
We have released a new interactive GST property tool, which can assist you to correctly treat and report GST on your clients' property sales and other property-related transactions. We have taken on board registered agent and community feedback on the complexity of GST and its impact in the property market and have co-designed the property tool with industry and registered agents. The property tool simplifies the process for you and your clients through a series of interactive questions.
The topics covered include:
§ sale, lease or purchase of real property, including residential premises, commercial residential
§ premises, commercial premises and vacant land
§ claiming GST credits
§ margin scheme eligibility
§ GST-free supplies of real property.
To access the tool, refer to GST property tool.
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Targeting GST compliance
We are committed to supporting a level playing field for all businesses, with a strong focus on detecting and dealing with GST fraud and serious evasion.
We are continuing to improve our ability to identify fraudulent activity related to business activity statements. If caught, taxpayers can face heavy penalties and even jail time.
If your client makes a mistake in their activity statement, we encourage them to make a voluntary disclosure. Coming forward may result in reduced penalties.
For more information, including support for small business, refer to Targeting GST compliance.
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Making the wrong decision could prove costly
Before your clients take on a contractor they need to determine the individual circumstances of the person they are engaging. Some employers believe that engaging a worker as a contractor will save them time and money, but they may face penalties for failing to comply with tax and super obligations for their workers if they get it wrong.
Your clients can use the employee/contractor decision tool to help determine the status of their workers and can print the results to keep for their records.
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What's new?
We have selected some of the new and updated documents recently published to our website, which may be of interest to you as BAS agents.
Keydates for registered agents December 2011
Keydates for registered agents January - March 2012
Keydates for registered agents for December 2011 and January to March 2012.
System maintenance and issues
This page contains scheduled downtime and details of issues currently affecting our online services.
478 Prosecutions: do the crime, face the consequences
Acting Tax Commissioner Jennie Granger has reminded the community that we are continuing our focus on those who do the wrong thing.
Foreign exchange rates
List of daily, monthly and annual foreign exchange rates.
Cash economy letter program 2011-12
Details of the types of letters we issue to address the cash economy.
Luxury car tax obligations
Information about understanding your luxury car tax obligations letters we sent to your clients registered for luxury car tax on 30 November 2011.
Non-Profit News Service No. 0348 - Draft ruling released about the application of GST to financial assistance payments.
Draft ruling GSTR 2011/D4 Goods and services tax: financial assistance payments, has been released for comment. The draft ruling is a rewrite of GSTR 2000/11, which will be withdrawn when the draft ruling is finalised. Comments are due by 16 December 2011
Goods and services tax treatment of new residential premises
The government intends to amend the law to clarify how residential property is treated under the GST legislation.
Tax crime investigations and results
Find out about tax crime, how we are dealing with it and how you can help.
SME Communicator - November 2011
SME Communicator provides relevant information specific to businesses with an annual turnover between $2 million and $250 million.
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Subscription Information
Make sure you receive your monthly BAS agent newsletter by adding us to your email 'Safe' or 'Preferred sender' list.
Keep your newsletter subscription information up to date:
§ Subscribe - so this newsletter can be sent directly to you.
§ Unsubscribe - if you no longer wish to receive this newsletter.
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