Tag: financial year 2016-2017

Posts Tagged ‘financial year 2016-2017’

The News on the GST on Low Value Goods

What is the GST?

The ATO has announced a new tax law on the goods and services tax (GST) before the 2018 tax season. You may be wondering, what is the GST? The GST is a tax of 10% on most goods, services and other items sold or consumed in Australia.

New Tax Law

From 1 July 2018, the GST will affect businesses that sell low-value goods who import to consumers in Australia. Low-value goods have a customs value of A$1,000 or less when the price is under the agreement with the customer. However, any tobacco products or alcoholic beverages do not have the GST tax since they will be charged at the border.

Here’s the breakdown of the changes.

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Hobby vs Business: What is the Difference?


Everyone enjoys a good hobby.

From photography, scrap-booking, cooking or even horseback riding, each of these hobbies can turn into a business. With that in mind, when it comes time to lodge your tax return, your hobby could possibly be your business. Taxpayers get confused about whether or not they should be reporting their hobby as a business. Of course, you want to avoid being penalised if you’re not declaring income to the ATO, right?

Find out if your hobby is actually a business by reading below!

What is a hobby?

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Lodge your 2017 Late Tax Return Online!

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Forgot to lodge your 2017 late tax return?

We get it. Life gets busy when you’re dealing with taking care of the kids or rushing to work to finish your proposal for that promotion you’ve been wanting. The deadline passed on 31 October for the 2016-2017 fiscal year, but you’re still in luck. No need to stress, you can still lodge your 2017 late taxes online right from your bedroom.

Read on to find out the consequences of lodging a late tax return and what steps you need to take.

Late Lodgement Penalties

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What are the Australian Financial Year Dates?

Mark your calendar. The Australian Financial Year Runs from 1 July to 30 June.

The Australian financial year dates can easily be confused with the Australian tax season dates. The financial year always ends on 30 June.

It’s good to keep in mind that during the Australian tax season, you’ll report the income you earned throughout the financial year.

Still confused? Unsure of the dates? We’re here to help.

Financial Year & Tax Season Dates

Here’s what you’ll need to know…

2013-2014 Financial Year: 1 July, 2013 – 30 June, 2014

2014-2015 Financial Year: 1 July, 2014 – 30 June, 2015

2015-2016 Financial Year: 1 July, 2015 – 30 June, 2016

2016-2017 Financial Year: 1 July, 2016 – 30 June, 2017

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How to Lodge a 2017 Tax Return

Time to lodge your 2017 tax return.

This tax season runs in between 1 July to 31 October. With that in mind, when the time comes to lodge your 2017 tax return, it can make you feel like your mind is running a marathon and the finish line is nowhere in sight. Luckily, there are a few ways to lodge your tax return.

 

How do I lodge my taxes?

Taxes get complicated but keep in mind that you have more than one option for lodging your taxes.

  1. Lodge online: You can lodge with a registered online company.
  2. Lodge with a registered tax accountant: You can visit your local tax office to lodge with a tax agent. Tax season can be busy so be prepared for lengthy waiting times, steep prices and consultations.
  3. Lodge through the ATO: You can lodge on the Australian Tax Office (ATO) website or MyGov. Keep in mind that your return will be self-prepared using MyGov.

You might be wondering if you could make this process simpler.
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