FAQs – gaapas.com.au

Frequently Asked Question

Registration & Compliance

Do I need an ABN?

Yes, if you’re running a business or invoicing clients. Even sole traders need one. Apply free here

Do I need to register for GST?

You must register for GST if:

Your business earns 75,000+ per year or 150,000+ for non-profits)
You provide ridesharing/ taxi services (any income level)
You want to claim GST credits (voluntary registration)

What happens if I don’t register?

You can’t charge GST to customers (even if required).
The ATO may impose backdated penalties + interest.

Exceptions:

Under-threshold businesses can register voluntarily (e.g., to claim GST on equipment).
Farmers/exporters may qualify for GST-free sales.

➡ Unsure? Use the ATO’s GST turnover calculator: https://iorder.com.au/publication/Download.aspx?ProdID=75215-10.2019

What’s Single Touch Payroll (STP), and does it apply to me?

STP is mandatory for all employers. Even if you have just 1 employee, you must report wages/super to the ATO each payday.

Record-Keeping

What records should I keep for tax time?

Essential records for all businesses:

Income: Sales invoices, receipts, bank statements
Expenses: Bills, supplier invoices, mileage logs
Payroll: STP reports, super payments, timesheets
Assets: Purchase receipts, depreciation schedules
GST: BAS statements, tax invoices

Special cases:

Contractors: ABNs, signed agreements, TPAR reports

➡ Download our free Tax Record-Keeping Checklist: PDF download

How long must I keep records?

The ATO requires you to keep records for 5 years (or longer if audited).

Does the ATO accept digital receipts?

Yes! Scan or photo is fine if it shows:

Supplier name
Amount & date
Nature of purchase

Superannuation

How often do I pay super?

Quarterly – due 28 days after each quarter ends.

What’s the current super guaranteed rate?

11.5% of the gross wage

The percentage amount may be adjusted by the ATO in future financial years-please refer to ATO.gov.au to find the latest information.

Can I claim super contributions on tax?

Yes, if you’re self-employed (concessional contributions up to $30,000/yr)

*The cap amount may be adjusted by the ATO in future financial years-please refer to ATO website.

Deductions & Claims

Can I claim home office expenses?

Yes! Use either:

Fixed rate method:

For the income year 2023-2024, the fixed rate is 67 cents per hour.

For the income year 2024-2025, the fixed rate has been updated to 70 cents per hour (covers energy, phone, internet) + equipment

Actual cost method:

Claim % of bills based on workspace size,home office claims include: Floor plans, utility bills, WFH hourly logs

What car expenses can I claim?

Logbook method:

(track 12 weeks)

cents-per-km method:

For the income year 2023-2024, 85 cents per kilometre.

For the income year 2024-2025, 88 cents per kilometre

Maximum Kilometres: You can only claim a maximum of 5,000 business kilometres per car each income year using this method*

Can I claim my laptop/phone?

Yes! If used for work:

Under $300: Full deduction now

Over $300: Depreciate over its life

Working With a Tax Professional

Why use a BAS agent instead of doing it myself?

Registered BAS agents can:

Lodge after deadlines
Represent you in ATO disputes
Access special ATO portals

How do I check if my accountant is registered?

Search the TPB Register

Tax Returns & Deadlines

When is my tax return due?

Tax return due dates vary depending on the type of tax being lodged. Please check ato.gov.au to find more information

What happens if I lodge late?

If you've missed the lodgment deadline or submitted after the due date, it's important to get in touch with your accountant or the ATO directly to discuss potential late lodgment penalties.