Pour yourself a coffee and then mark your diary for October.Spring forward on Sunday morning and enjoy the next day off, so we’ve moved our coffee club to Thursday, super for July-September is due – don’t let it freak you out!
Don’t forget to arrange payment of your August IAS.
It’s due by Monday at the latest.
If you are unable to pay in full, contact the ATO on 13 72 26 to arrange a payment plan.
(Don’t forget interest is no longer tax deductible)
If you haven’t already – make sure you submit your June BAS today!
If you don’t have enough funds at the ready – make (and stick to) a payment plan. But don’t avoid lodging – you can trigger fines and you’ll find it much harder to request paying by installments.
Make sure you lodge and pay your July IAS today to avoid late lodgement fines (and defaulting on any payment plan you have in place)
Afternoon tea is an important productivity enhancement tool – it will help you meet the August deadlines!
Super was due into your employees super funds by 28th July.
Your employee’s super contribution is only considered ‘paid’ on the date it’s received by the super fund. Not the date it’s received by the clearing house.
The expense is no longer tax deductible, super is calculated on all payments to employees (like overtime and allowances), fines are payable to the ATO, interest is payable to the fund for the employee, and directors will be personally chased for the payment.
If you’ve realised you haven’t made the payment on time, submit the statement ASAP to minimise the interest charges you’ll be liable for. Burying your head in the sand and hoping no-one notices could cost you a lot more down the line.
Need help to keep on top of all the deadlines? Ask us to give you a hand.
If you pay subcontractors, you may need to lodge a Taxable Payments Annual Report (TPAR) by 28th August.
Its a bit like lodging group certificates – no extra payment is required, you just need to report on total payments made during the last financial year.
Annual ‘STP Finalisation’ needs to be filed with the ATO by today. (This replaces providing Payment Summaries/Group Certificates to your staff.)
Your team will not receive any documentation from you, they will be able to access details in their MyGov account once the finalisation has been completed – it may take an extra day or two to work through the system.
Its not a picnic if you are doing it properly.
Don’t forget you are making a legal declaration to the tax office on behalf of your staff – it needs to be right. Near enough is not good enough.
Once you’ve confirmed the data is correct – it goes straight to the tax office, your staff don’t receive paperwork from you.
Ask us to step in if you’d rather take your bear out for a picnic!
Using our BAS agent extension – the due date is 25th August.
Late lodgement could result in fines, and will void any payment plan you have in place with the ATO, and make it much harder to request another one in future.
Act now!
Please wait until September to make an appointment with your accountant to prepare your tax return.
