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Non-deductible expenses are expenses that the ATO will not allow to be tax deductible. These are expenses that can’t be used to reduce your taxable income in any way. This is because the money put towards these expenses was not in the furtherance of earning work-related income, or is specifically excluded by the ATO. Please keep in mind that whilst these expenses generally aren't deductible there can be situations where they can be claimed, if you believe this applies to you, contact your Tax Agent in regard to your specific circumstances.
Examples of expenses that can’t be claimed:
Expenses incurred that are not relevant to earning assessable income
Private or domestic expenses
Capital expenses or of a capital nature – at the moment you can (instant asset write off) – or need advice from Tax Agent
Expenses specified under income tax law as non-deductible
More specifically, these may include but are not limited to expenses such as:
General household item costs (coffee, tea, milk etc.)
Expenses that you have reimbursed on (where you don’t incur any expense)
Fines and penalties
Client entertainment expenses (meals, parties, concert tickets)
Gifts unrelated to generating earnings
GST attributable to expenses
Personal use of business items
If you have claimed an expense which is not deductible, you may be liable to penalties and interest payable to the ATO.
To learn more about what you can claim as a business deductions:
https://www.ato.gov.au/Business/Income-and-deductions-for-business/Deductions/
Absolutely, email our accounting team: accounting@thriday.com.au or book a free 15 minute session here.
We sure are: Registered tax agent No.26262416
We can help with everything from advice to full-service bookkeeping and accounting.
Email us with any questions you have or book a call to discuss your situation
You can also see pricing for services here
Yes, anyone can use Thriday for free.
What's included in the free version of Thriday?
As your business grows and you find yourself needing to save more time and have more control, you can upgrade to the Time-saver plan with key AI-enabled automation such as:
Just want it all done for you? We offer the best value accounting and tax services in the country! for just $119/month we provide full-service business accounting including cash flow optimisation session, FY tax planning session, 4 BAS lodgments and 1 X end of FY tax lodgment.
Why are our accounting services so much more value for money than anywhere else? Thriday's software is so efficient that we can spend our time working with you to optimise your cash flow and reduce your tax rather than wasting a huge amount of time on data entry. Thriday can take financial admin time down from 6 hours a week to just 30 min.
BAS stands for Business Activity Statement.
The Australian Taxation Office or ATO requires that businesses regularly submit business activity statements to report their tax obligations. These can include GST, pay-as-you-go withholding (PAYGW), pay-as-you-go instalments (PAYGI), fringe benefits tax (FBT), wine equalisation tax (WET) and luxury car tax (LCT).
The short answer is no.
Thriday is a Registered Tax Agent (No.26262416).
We can help you with anything accounting and tax related.
We offer 4 main services:
These services are charged separately to the monthly subscription.
Using Thriday to lodge your BAS can save you a huge amount of time!
If you choose the assisted option, a registered tax agent will help you minimise losses and maximise returns.
Not at this stage. You need to use your Thriday transaction account, receipt scanning and invoicing features so Auto Accounting has the data to, more accurately, estimate your income and expense position.
GST registration is required for businesses with gross income (excluding GST of 10%) of $75,000 or more. If you are a not-for-profit, the turnover requirement is $150,000.
GST registration is a requirement in some industries like ride-share (taxis, Uber, Ola etc.)
You’re only required to lodge a BAS once your business is registered for GST.
Self-serve BAS will be lodged within 48 hours, and assisted BAS will be lodged within seven days.
NOTE: if you request either service within seven days of the BAS due date, a lodgment extension of 21 days from the due date will be requested/submitted to the ATO by Thriday. An extension can only be requested if lodgment is not more than three days overdue. For example, if the due date is 25th May, an extension needs to be requested/submitted on or before 28th May.
It doesn’t get any easier!
The combination of transactions, bookkeeping and accounting, fully integrated into a single solution, gives Thriday the unique ability to streamline the BAS lodgment process as no other accounting platform can.
Like everything we do at Thriday, the BAS lodgment services we offer are designed to save you the maximum amount of time.
Each report or financial statement Thriday generates can be sent to others by downloading a copy of the statement and emailing it as you would an Excel or PDF file. To download a statement on Thriday:
1. From the Home screen, click on Tax
2. Click on Generate Financial Reports
3. Click on Income Statement
4. Select a Time Period
5. Click on VIEW PDF
6. Click on DOWNLOAD
7. OR Click on EXPORT CSV
You’re required to report and lodge a quarterly BAS with the Australian Taxation Office (ATO) if your GST-related income exceeds or is likely to exceed $75,000.
Your BAS should include your business revenue and any Goods & Services Tax (GST) on your sales and expenses.
If GST-related expenses exceed GST-related sales, you will have a GST refund. Conversely, if sales exceed GST-related expenses, you will have GST-Payable.
Employee wages and PAYG withholding tax are also reported in your BAS. The withholding tax will be added to the GST.
By lodging your BAS through a registered tax agent via Thriday, you can get one additional month to make payments which can be great for cash flow.
Simply choose 1 of 2 BAS lodgment services from within your Thriday account and follow the instructions provided.
It can be beneficial to lodge shortly after the reporting period to get the credits if you’re in a GST-refundable position.
If you’re in a GST-payable position, you can lodge on the due date and delay payment until then.
You can choose one of two options:
BAS Lodgment due dates are:
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