What are the most commonly used Tax office forms?
Obviously the most common tax office form is a personal income tax return. The official name for this form is the “Tax Return For Individuals”. This form requires an individual to accurately and completely state their entire tax position for the period concerned and is usually for one financial year as it is defined in Australia. The form asks for basic information like the tax file number of the person, their address, name, date of birth, bank account details, salary and other income information and all of the other details required to submit a tax return. The are suplemental instructions for filing a tax return which come in the tax pack to assist with filing a tax return.
The second most commonly used from is a Business Activity Statement. The business activity statement is a document which most businesses must file every three months to tell the Australian Taxation Office what is occuring in their business in relation to GST, PAYG withholding tax. It is also necessary to file a GST statement at the end of every tax year. This is called the Annual Statement this contains much of the same information as the quarterly business activity statements but is a summary of what has occured in the business annually over the past year in relation to GST and PAYG obligations. It obviously is necessary for there to be a correlation between the annual statements and the quaterly statements for there be consistency in the reporting of the tax position of the business. It is very complicated and difficult to accurately account for every aspect of your business for the purposes of GST but there is also an obligation to do this accurately and many companies have been sued by the ATO as a result of not reporting their GST obligations correctly or not undertanding the accounting aspects of the GST.
Where can I get help with these common tax forms?
If you would like help from a fully qualified and professional taxation lawyer, we have them available online or you can post a request into the contact from to the right or the question box below.