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You may be eligible to claim any subscription fees you paid for Thriday in the prior 12 months as a tax deduction. You can read further details to consider from the ATO HERE.
Absolutely, a registered tax agent , we can provide you with a range of tax return services so you can choose the one that suits your needs.
Depreciation refers to the decline in value of an asset as time goes on. While not all assets undergo this process, those with a limited effective lifespan are expected to lose value over their operational years. Common examples of depreciable assets include tools and equipment (such as electronics and machinery), fixtures and fittings (like office furniture), and motor vehicles (including cars, tractors, and heavy goods vehicles). The ATO offers guidelines for claiming tax deductions on these depreciable assets, and Thriday assists in accurately recording and calculating depreciation in accordance with ATO regulations.
It's important to note that the approach to depreciation for tax purposes may differ from that used for accounting purposes. Thriday assists with the calculation of depreciation for tax-related purposes rather than for accounting considerations.
For more information on depreciation, see Depreciation and capital expenses and allowances | Australian Taxation Office (ato.gov.au)
Even if you have set auto depreciation to 'No' in your Tax Profile, you can still manually include assets and depreciation in the Asset and Liability Register. In addition, you can add small business pools or other asset pools as individual assets. Each newly created asset will be assigned its own automated accumulation code, which you can then manually input the depreciation in the Manage Balances section.
For more information on simplified depreciation rules, see Simpler depreciation for small business | Australian Taxation Office (ato.gov.au)
When a depreciable asset is created in Thriday, a new account code for the accumulated depreciation of that asset is automatically created. This account code will appear in the Chart of Accounts report.
Thriday automatically applies simplified depreciation rules to your assets and liabilities.
The simplified depreciation rules can only be used by eligible small businesses. For more information on eligibility criteria, see Simpler depreciation for small business | Australian Taxation Office (ato.gov.au).
If your business is not eligible to use simplified depreciation rules, you will need to amend this in your Tax Profile which you can access from the Tax module in your Thriday account.
If you've selected 'Yes' for Auto Depreciation, Thriday will automatically calculate and apply depreciation to the relevant assets using the simplified depreciation rules based off the ATO’s guidelines. For assets excluded from the simplified depreciation rules, you can refer to the ATO guidance here: ATO Depreciation Guidelines.
However, if you wish to add depreciation for assets excluded from simplified depreciation or if you prefer not to use simplified depreciation rules in Thriday, you can manage this through the Manage Balances feature.
In Tax, click on Manage Balances. Under the Expense toggle, locate depreciation. Each asset will have its individual depreciation account, which you can select from the drop-down menu to customise your depreciation calculations.
The accuracy of the automatic depreciation calculations, based off the ATO’s guidelines, is dependent on you correctly identifying the type and value of assets being depreciated.
Assets represent the valuable resources owned by your business. They can be further classified as:
Thriday's Asset and Liability Register primarily focuses on tracking your long-term or 'fixed' assets which have been entered into Thriday. Many of these assets depreciate over time and you may be able to claim tax deductions for this depreciation. Thriday's Asset and Liability Register assists in calculating the deductible depreciation for each asset and seamlessly integrates this information into your financial records and tax estimates. Additionally, it can calculate any profits, losses, and capital gains resulting from the sale of assets.
For more information on tax deductions for depreciating assets, see Tax deductions for depreciating assets and capital expenses | Australian Taxation Office (ato.gov.au)
To record a loan repayment, you must first create the loan as a liability in Thriday's Asset and Liability register. If the loan repayment was made from a Thriday account, you just need to select the loan from the Chart of Accounts dropdown. If the loan repayment was made from an account outside of Thriday, you can add the repayment as a balance in Manage Balances.
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).
There’s an added fee each time you submit your BAS or tax directly from Thriday to the ATO.
The reason for this is because a registered tax agent needs to be responsible for the submission.
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.
Yes, if you subscribe to a plan, your Thriday subscription costs are 100% fully tax-deductible as a cost of doing business.
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.
According to the ATO, Small businesses (with an aggregated annual turnover of less than $50 million) may be able to deduct an additional 20 per cent of the cost incurred on business expenses and depreciating assets that support their digital adoption, such as cloud-based services.
According to the ATO: For eligible expenditure incurred between 7:30 pm AEDT 29 March 2022 until 30 June 2022:
For eligible expenditure incurred from 1 July 2022 until 30 June 2023:
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.
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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