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  • #987599
    Sam J
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    • Total posts: 7
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    Hi All,

    I have bought Australia Post Franchise in Sydney and will start operations in June.

    I am new to the business environment and will have lots of questions in near future and will be happy to share my experiences with other members.

    Currently what’s bothering me is how to fill GST/BAS form. I created a company and registered for GST as soon as I put my initial buying deposit. Now I got BAS form from ATO asking for purchase and sales details for quarter ended 31 March 2014. The only transactions are company set up, lawyer fees and initial deposit.

    So here’s my questions:
    1. Since company set up and lawyer fees included GST, should I include that amount in purchases? If yes, under which head – capital purchases or non-capital purchases?
    2. There were many trips to the site and good amount was spent on fuel. Can I also claim GST on this fuel in the BAS form? If yes, under which head – capital purchases or non-capital purchases?

    I called ATO with this query but was told that they only provide general advise and I should either read the 60-page document on their website to figure it out or hire an accountant to answer my question. Since there were just these 2-3 small transactions in the March quarter, hiring an accountant would not be economically viable.

    Any advise would be greatly appreciated.

    Kind regards,

    Sam J

    #1163492
    Peter – FS Administrator
    Member
    • Total posts: 1,889
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    Hey Sam,
    Thanks for joining and congrats on the new business.
    I’ve moved this over to the ‘money matters’ forum as it may get more attention from our resident finance experts. Please feel free to add a more general introduction post to let us know a bit more about the business.

    Once you’re up and running you can also add a signature with a link to your business. You can do this in control panel.

    Cheers
    Peter

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