Get the free TERM 1 ACTIVITY STATEMENT - Leichhardt Public School - leichhardtpublicschool net

TERM 1 ACTIVITY STATEMENT YEAR TWO Dear Parents and Guardians, Each term Earhart Public School issues an Activity Statement that outlines the cost of special events and programs. This statement is

How to fill out term 1 activity statement

How to fill out term 1 activity statement?

1. Gather all necessary documents: Before filling out the term 1 activity statement, make sure you have all the required documents at hand. This may include financial records, invoices, receipts, and any other relevant information.
2. Identify your business details: Begin by providing your business name, ABN (Australian Business Number), and any other identification details as required. Ensure that all the information is accurate and up-to-date.
3. Fill out the income section: In the activity statement, you will need to report your business income. This includes sales, fees, or any other form of revenue generated during the specified term. Make sure you enter all amounts correctly and double-check the calculations.
4. Report your expenses: In this section, you will need to record all the business expenses incurred during the term. This may include rent, utilities, materials, employee salaries, and any other relevant costs. Be thorough and include all necessary expenses to ensure accurate reporting.
5. Calculate PAYG withholding tax: If you have employees, you will need to calculate the PAYG (Pay As You Go) withholding tax. This involves withholding a portion of your employees' wages to cover their income tax. Make sure you follow the tax regulations and accurately calculate the amount.
6. Enter GST information: If your business is registered for GST (Goods and Services Tax), you will need to report the relevant information in this section. Include any GST collected from sales as well as any GST paid on expenses. Double-check the figures to ensure accuracy.
7. Submit the activity statement: Once you have completed all the necessary sections, review the information thoroughly. Verify that all calculations are correct and that you have not missed any details. Once you are satisfied, submit the activity statement to the relevant authorities by the specified deadline.

Who needs term 1 activity statement?

1. Business owners: Anyone who runs a business in Australia, whether it is a sole proprietorship, partnership, company, or trust, may need to fill out a term 1 activity statement. This statement helps report and pay various taxes and obligations related to running a business.
2. Registered for GST: If your business is registered for GST, it is mandatory to submit the activity statement for each term. GST-registered businesses must report their sales, expenses, and GST obligations accurately to comply with taxation regulations.
3. Individuals with specific obligations: In some cases, individuals who do not run a business but have specific obligations, such as being a PAYG withholding payer or being involved in other taxable activities, may also need to fill out a term 1 activity statement.

It is essential to consult with a tax advisor or visit the Australian Taxation Office (ATO) website to determine if you need to fill out a term 1 activity statement based on your specific business or individual circumstances.

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What is term 1 activity statement?

Term 1 activity statement is a report that summarizes the financial activities of a business for the first term of the year.

Who is required to file term 1 activity statement?

All businesses and individuals who have conducted financial activities during the first term of the year are required to file term 1 activity statement.

How to fill out term 1 activity statement?

Term 1 activity statement can be filled out online or on paper. It requires reporting all income, expenses, and other financial transactions for the first term of the year.

What is the purpose of term 1 activity statement?

The purpose of term 1 activity statement is to provide an overview of the financial performance of a business or individual for the first term of the year.

What information must be reported on term 1 activity statement?

Information such as income, expenses, assets, liabilities, and other financial transactions must be reported on term 1 activity statement.

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