Answer to Question #80999 in Finance for Hugh Heron

Question

Question;
How will a business determine the correct lodgement requirements for its particular circumstances

Answer:
The lodgement process requires that the business maintains its tax records to explain the transactions that they have made.
To meet the on-time lodgement requirement, the things that need to be done are a review and update of client list and also checking if new clients who used to be self-prepares have any outstanding tax returns
If the business is registered for GST then they need to lodge the business activity statement , which helps you report and pay the GST, PAYG instalments and PAYG withholding tax and any other taxes.


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This activity is about HOW will a business determine the correct lodgement requirements, not a brief explanation of the lodgement requirements

Answer 1

To determine the correct requirements for filing for specific circumstances, the Business must ensure that it complies with all regulatory laws and rules of tax returns. These laws and rules of tax returns must correspond to the type of business during each fiscal year.