Perks- Focussed, Client-driven Accounting & Financial Services Firm in South Australia & Northern Territory

Budget 2008-09: GST and PAYG Instalment Rate

14.08.08

The Tax Office has advised that the Gross Domestic Product (GDP) factor used to calculate taxpayers’ GST and PAYG instalment amounts will increase to 8% from 1 July 2008.

Taxpayers who use the GDP-adjusted notional tax method to calculate their PAYG or GST instalments may see an increase in their instalment amounts from the first quarterly instalment for the 2008-09 income year.

Offsetting Business Losses against Other Income
Taxpayers who exceeded the new income threshold can, in limited circumstances, still offset their business losses.

Phoenix Activities - Government Flags Possible Action
The Government has flagged possible action to combat fraudulent phoenix activities.

Dodgy GST Arrangements and Artificial Credits on Tax Office Radar
A Taxpayer Alert warning taxpayers about uncommercial arrangements to obtain reduced input tax credits.

"Perks have provided me with excellent advice regarding the management of my company.” Warren Rogers

"Perks is more than just our accountants. They’re genuinely our business partner and advisors.” Jenny Sherman

“The proactive nature and forward thinking of the team at Perks has made us stop and think." Neil and Andrew Pike

"Perks has always swiftly responded and seamlessly fallen into stride with us to explore opportunities.” John Kain

"Perks has been our accountants, financial and business advisors for over two decades – critical at every stage of our business journey. " Greg Ennis

"Their detailed understanding of the process...and hands-on approach all combined to achieve an excellent result." Chris Day