Business activity statement

The GST is also refundable on the boats and on the new boats we see coming in to the country.

This is a way to get the tax back in the first BAS statement of operation.

And that's generally a lump sum return.

So typically...

We've got three boats on a ship right now.

And one of those are a charter boat actually arriving next week.

So they'll pay the GST upfront and then they'll claim it back in their first BAS statement.

So there was a question there around self-managed super funds.

One of the biggest areas is statutory obligations.

That includes ATO, BAS, PAYG, and also includes super liability.

If those are unpaid or unmanaged, it can be a problem.

A lender will usually take this quite seriously.

Put it this way.

Do you want to pay for things twice or do you want to put the head down, make an extra couple of grand and set up as a fucking company? Another thing you're going to have to do as a company is you're going to have to register to do your BAS, which is your business assessment statement.

So what that is, it's an accumulation of your PAYG tax.

So what you pay yourself, if you pay yourself, I don't know, $1,000 a week, $2,000 a week, you might have to put aside $500 to $1,000 tax have to pay at the end of this quarter.

sometimes at 80% and average over a one to two year period where it's self-employed.

The income is assessed off tax returns and also BAS statements.

So what a BAS statement is a business activity account.

business activity statement um so you want to make sure that your accountant's doing everything correctly with your business activity statement as well um when you definitely when you're self-employed if you got um so usually it averages over a two-year period um which can be a hurdle for someone who uh minimize tax deductible income for tax purposes as well um When we go talk about expenses, lenders combine your declared living expenses and also they use a benchmark as well, which is called HEM, which is Household Expenditure Measure.

And they take on whichever one is higher.