Taxation and Business Services News
KEY DUE DATES 2018
Now is a good time to put some dates in your calendar, if you haven’t already. If you are using a registered tax agent to help you with your tax return and other reports and lodgements, depending on your business structure, you may have some extra time up your sleeve. Below are some of the key due dates you may need to remember.
End of the 2018 Financial Year
30 June 2018 is the end of the 2018 financial year.
1 July 2018 is the beginning of the 2019 new financial year.
When to lodge your tax return
The tax return you need to lodge and when you need to lodge it will depend on your business structure. Generally speaking all tax return lodgements for businesses, either, sole trader, partnerships, trusts or companies, are due by 31 October.
Most registered tax agents have special lodgement schedules and can lodge returns for their clients later than the usual 31 October deadline. The extended lodgement date will vary between business types. If you are using a tax agent for the first time, or using a different accountant, you need to contact them before 31 October.
Key due dates if you employ staff or other workers
If you employ staff you will have additional payment and reporting dates, most notably the requirements of BAS reporting. You can report your BAS on a quarterly or monthly basis.
The table below highlights the quarterly reporting due dates.
The due date for your monthly reporting of your BAS is usually the 21st day of the month following the end of the taxable period.
Taking tax out of wages.
You will need to report any amounts you withhold from your workers’ pay in the PAYG tax withheld section of your BAS and pay these amounts to the ATO when your BAS is due:
14 July: Annual payment summary issued to your workers showing the amounts you have paid and withheld.
14 August: Lodge your PAYG withholding payment summary annual report, showing the amounts you paid to all your workers and the amounts withheld.
In the building and construction industry: If you are in the building and construction industry and you pay contractors for building and construction services, you will need to lodge a Taxable Payments Annual Report by 28 August.
Proposed new legislation, currently being reviewed, may also see this extended to include businesses that supply courier or cleaning services.
Paying super for your employees
The chart below outlines the dates you need to pay your employees super contributions, into their nominated super fund. You can make more regular payments if you want to as long as you pay the total required amount by the due date.
If you do not pay your employees super by these dates you may be charged the super guarantee charge and need to lodge a Super Guarantee Charge Statement. You can find out more about this via the business.gov.au website.
Fringe Benefits Tax (FBT)
If you are required to pay FBT (e.g. for a work car that your employee also uses at home) the FBT year runs from 1 April to 31 March.
21 May: Statutory lodgement date if not using a registered tax agent or if return is lodged by paper.
25 June: If the return is lodged by a registered tax agent and lodged electronically.
If you are not already using a registered tax agent to help you complete your lodgements or you are not sure of the lodgement dates that apply to your business, the Bishop Collins taxation and Business Services team can help you. Call our office on (02)4354 2333 or send us an email by visiting our Contact Us page.