You may recall that I wrote about how the Australian Taxation Office (ATO) are abolishing paper activity statements for anyone who lodges them electronically (you can read about it here).

To lodge electronically you either need to use a registered tax agent or be registered to use the ATO Business Portal.

Some of the things you can complete via the ATO Business Portal include preparing, lodging and revising activity statements, as well as viewing your statement of account, requesting a refund or transfer between accounts and updating the registration details for your business.

I recently came across a client who was ready to take the next step and start lodging their Business Activity Statement (BAS) and Instalment Activity Statement (IAS) by electronic means and I assisted them to register for the ATO Business Portal.

Before you can register for the Business Portal, you’ll need an AUSkey…and before you apply for an AUSkey, there is some information you should have on hand to enable completion of the application process.

You’ll need to know the type of AUSkey you are applying for and:

• the legal name of your entity
• the Australian Business Number (ABN) of your entity
• your own full name
• your own date of birth
• your own Tax File Number (TFN)

After this, the process is quite simple, but the most important thing to remember is… to keep your login details and password secure!

Regards

How remiss of me…I forgot to wish you all a Happy Valentine’s Day!!

I spent my Valentine’s Day in the company of about 500 of my closest friends at a conference…not ideal for some, but I had fun!

Regardless of your relationship status, I do hope you had a wonderful day, just like I hope you do everyday…xo

In other news, the Australian Taxation Office (ATO) are piloting a new web chat program aimed at small business.

If you are a small business owner, there is now new help available from the ATO via a live web chat service.

The service is available through the ATO’s small business assist online service, which you’ll find here, and can be accessed between 6pm – 9pm (AEDST) each Monday – Thursday.

This web chat service is designed for discussing general information (without having to provide personal details), and covers topics such as:

• Australian Business Number (ABN)
• AUSkey
• payment arrangements
• Business Activity Statements (BAS); and
• Goods and Services Tax (GST)

Of course, if you are a client of The Tax Chic, you can contact me any time and receive a prompt reply, even after hours!

Regards

That’s right, I’m sitting here reflecting on what has been a rather busy week for The Tax Chic…

I’ve had an unfortunate time as far as my scheduling goes this week – apart from working everyday (as you do…), and taking my two early morning fitness classes (at least I get some exercise right?) – I’ve had a function or client every single night!

This is certainly not the norm for me, but check out my week:

Monday night saw me at a board meeting – it is so wonderful to see our Hospice in the Home project taking shape (you can read my prior post on this topic here)

Tuesday night I met with new clients – I love being able to see clients in their home at a time that suits them, it really does make things easier all round!

Wednesday I travelled to Geelong to see clients and attend a Business In Heels event that night – I loved being in this room full of inspiring and inspired women…I just wasn’t a fan of the late night drive home!

Thursday night I met with some colleagues to discuss policies and procedures, and I finished the night having a bite to eat with my family – I honestly hadn’t seen them all week!

Today I’ll be on the road again, heading to Melbourne for a meeting today and a conference tomorrow – lucky for me I get to spend time tonight with my good friends J &P!

When I see my week written down like this, it’s no wonder I’m feeling sleepy as I write this??   Maybe I’ll have a rest on Sunday…maybe, maybe not?

Regards

I wrote on Monday this week of the steps you can take if you have misplaced your “Group Certificate“, but what about the evidence for your deductions?

There are different rules for a business for substantiating a claim for Goods and Services Tax (GST) which won’t be discussed here – but for general deductions, whether they be by a business or an individual, the following guidelines, courtesy of the Australian Taxation Office (ATO), may assist you if you have misplaced any original documentation:

An original document from the supplier of the goods or services should show:

• name of the supplier
• amount of the expense
• nature of the goods or services – if not shown, your client may write this on the document before they lodge their tax return
• date the expense was incurred
• date of the document.

However another document or combination of documents containing the information listed above may suffice; examples include:

• bank and other financial institution statements
• credit card statements
• BPAY  reference numbers (may be called receipt or transaction numbers)
• email receipts
• PAYG payment summary (may show union fees)
• paper or electronic copies of documents – must be a true and clear reproduction of the original

While I am an advocate for keeping accurate documentation in an accessible manner, the above notes prove that there are alternatives available if required.

If you need some assistance with your record keeping, Contact The Tax Chic for a consultation!

Regards