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Please help

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I'm new

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Just need some advice please guys

So... this last financial year
I worked as an employee (full time)
Then contacted (sole trader)
Then back to full time employment

1st job was gross 5000 roghly
2nd job was gross 9000 roughly
3rd job contracting 19000
4th job was gross 30000

Its been a rough year obviously and in turn im worried about the contracting part of things
I was made to register and charge for gst. I have let everything slip and havnt lodged a bas at all

Just wondering where i will stand when i lodge my return

Any input would be greatly appreciated
1 ACCEPTED SOLUTION

Accepted Solutions
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Best answer

ATO Certified

Community Manager

Replies 0

Hi @Ace7585 

 

Tax can be confusing sometimes but we're here to help.

 

It sounds like you may have some outstanding BAS due to registering for GST. There is alot of information on our website about GST, how it works, when you should register, how to report and pay the GST and when you are eligible for a GST credit. It will also let you know how you can lodge your BAS. Can I ask when you registered for GST? You can access your BAS through the Business portal if you have access and view any outstanding lodgements. GST is seperate to your income tax return and will not impact your taxable income or the tax free threshold.

 

When you lodge your tax return this year you may be entered into the Pay As You Go Installment System (PAYG I) from the income you received as a contractor (>$4,000). This means you may get a bill as you did not have an employer to withhold tax from your pay. There is more information about this system on the website.

 

If you are no longer working as a contractor it's best to cancel your GST and your ABN if you are back working as an employee. You can backdate the cancellation date to avoid having to fill out further BAS if you are no longer required to be register for GST or are carrying on a business under your ABN. Depending on your circumstances you could also exit the PAYG I system if you are no longer required to be in it. Eligible individuals (including sole traders) with a myGov account linked to the ATO can exit the PAYG instalments system online. Have a look at this page for information about who is eligible to exit the PAYG I system.

 

I know I've given you alot of information so please let me know if you have any further questions or want to clarify any information.

 

Hope this helps!

 

1 REPLY 1
Highlighted

Best answer

ATO Certified

Community Manager

Replies 0

Hi @Ace7585 

 

Tax can be confusing sometimes but we're here to help.

 

It sounds like you may have some outstanding BAS due to registering for GST. There is alot of information on our website about GST, how it works, when you should register, how to report and pay the GST and when you are eligible for a GST credit. It will also let you know how you can lodge your BAS. Can I ask when you registered for GST? You can access your BAS through the Business portal if you have access and view any outstanding lodgements. GST is seperate to your income tax return and will not impact your taxable income or the tax free threshold.

 

When you lodge your tax return this year you may be entered into the Pay As You Go Installment System (PAYG I) from the income you received as a contractor (>$4,000). This means you may get a bill as you did not have an employer to withhold tax from your pay. There is more information about this system on the website.

 

If you are no longer working as a contractor it's best to cancel your GST and your ABN if you are back working as an employee. You can backdate the cancellation date to avoid having to fill out further BAS if you are no longer required to be register for GST or are carrying on a business under your ABN. Depending on your circumstances you could also exit the PAYG I system if you are no longer required to be in it. Eligible individuals (including sole traders) with a myGov account linked to the ATO can exit the PAYG instalments system online. Have a look at this page for information about who is eligible to exit the PAYG I system.

 

I know I've given you alot of information so please let me know if you have any further questions or want to clarify any information.

 

Hope this helps!