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Re: BAS lodge for new set up company

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Newbie

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Hi There,

 

We just set up a company in March 17. But there is no transaction until now. And there is only ACN , we didn't apply ABN. Do we must need to lodge the BAS and company tax? Thanks

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ATO Certified

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Hi @sophia,

 

Welcome to our Community!

 

If you chose not to register your business with an ABN, other business's you deal with may be required to withhold and remit up to 47% tax and 2% Medicare levy from any payment to you. An ABN makes it easier for businesses to deal with the Australian Government and other industries as it is a unique identifier used for business's. You can find our if you are entitled to an ABN here.

 

To lodge a BAS your Company would need to be registered for tax roles, such as GST, PAYG, FBT and any other tax obligations your company is eligible for. It would also need to have an ABN. You can find more information about tax registrations and an example of a company registration on our website.

 

You may need to lodge a company income tax return if you are:

  • A resident company which derived $1 or more of assessable income from any source
  • A non-resident company which derived $1 or more of Australian sourced income
  • A company which is carrying forward losses that exceeds $1,000 to the following year for the prior financial year, even if no assessable income has been derived in that financial year.

You can find out more information about the requirements to lodge for a company here.

 

If you have further queries about your business's setup, you can phone us on 13 28 66 between 8am - 6pm, Monday to Friday to speak with an operator. Alternatively if you wish to seek financial advice you can find a registered tax agent in your area on the Tax practitioner board website.

 

Thanks.

5 REPLIES 5
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Enthusiast

Replies 4

Hi Sophia,

 

Did your company make any money in the 2017 income year? Are you planning to run a business with it?

 

This is my personal view; I’m an ATO employee who chooses to help out here in my own time.

Newbie

Replies 3

Hi Mike,

There is no any transaction in this company, maybe this company will be used to run business later. Thanks

Superuser Registered Tax Practitioner

Replies 0


@sophia wrote:

Hi Mike,

There is no any transaction in this company, maybe this company will be used to run business later. Thanks


Hi sophia

 

What about establishment cost, legal fee or accounting charges. If you lodge a tax return, assuming the company wants to carry on a business, then the company can carry forward the loss (in absence of an income) to future tax year/s.

 

One Stop Tax
Tax Return and Taxb Back Specialist

www.onestoptax.com.au

Best answer

ATO Certified

Community Support

Replies 1

Hi @sophia,

 

Welcome to our Community!

 

If you chose not to register your business with an ABN, other business's you deal with may be required to withhold and remit up to 47% tax and 2% Medicare levy from any payment to you. An ABN makes it easier for businesses to deal with the Australian Government and other industries as it is a unique identifier used for business's. You can find our if you are entitled to an ABN here.

 

To lodge a BAS your Company would need to be registered for tax roles, such as GST, PAYG, FBT and any other tax obligations your company is eligible for. It would also need to have an ABN. You can find more information about tax registrations and an example of a company registration on our website.

 

You may need to lodge a company income tax return if you are:

  • A resident company which derived $1 or more of assessable income from any source
  • A non-resident company which derived $1 or more of Australian sourced income
  • A company which is carrying forward losses that exceeds $1,000 to the following year for the prior financial year, even if no assessable income has been derived in that financial year.

You can find out more information about the requirements to lodge for a company here.

 

If you have further queries about your business's setup, you can phone us on 13 28 66 between 8am - 6pm, Monday to Friday to speak with an operator. Alternatively if you wish to seek financial advice you can find a registered tax agent in your area on the Tax practitioner board website.

 

Thanks.

Superuser Registered Tax Practitioner

Replies 0

Hi @sophia,

 

If the company is not required to lodge a tax return, it would still be required to notify the ATO that no return is necessary otherwise a failure to lodge penalty could be imposed. 

 

One Stop Tax
Tax Return and Taxb Back Specialist

www.onestoptax.com.au

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