Year End Business reporting obligations
We have made it through another financial year, Happy New (financial) Year!
IMPORTANT BUSINESS YEAR END DATES
The June 2017 Quarter BAS is due to be lodged and paid to the tax office on or before July 28th, 2017 or August 25th, 2017 if lodged through our office.
Pay Apr-Jun 2017 quarter employee super before June 30th to enable the tax deduction in the 2017 financial year. The final legislave deadline for the June 2017 Quarters Super is July 28th, 2017.
Do you have employees? PAYG Payment Summaries
If you have employees (other than yourselves & family), you are required to issue 2017 PAYG Payment Summaries (Group Certificates) to your employees on or before July 14th, 207.
Building and Construction Industry
if you are part of the Building and Construction Industry, you have additional reporting obligations - Reportable Payments to Contractors. The ATO form, Taxable Payments Annual Report, must report all payments made to Subcontractors during the 2017 financial year by August 28th, 2017.
OTHER BUSINESS MATTERS
From July 1st, 2017 the ATO will be allowed to disclose the tax debt informaon of businesses to credit reporting agencies unless they have engaged with the ATO to manage their debts (payment arrangement etc). This will apply to all businesses with a tax debt of more than $10,000 and is at least 90 days overdue.
The Taxable Payments Reporting System, currently specific to the Building & Construction Industry which reports payments to Subcontractors, will extend to the Courier and Cleaning Industries. This will take affect from July 1st, 2018.
From July 1st, 2017, when purchasing a property for more than $750,000, a Cerficate of Residency must be obtained from the Vendor otherwise 12.5% tax must be withheld from the purchase price and given to the tax office.
Farm Management Deposit (FMD) changes allow Primary Producers to use their FMD as an offset account against a loan to reduce interest. Increase the cap from $400,000 to $800,000 and easing access to FMDs to drought affected farmers of an FMD.
Foreign owners of residential properes that are vacant and not genuinely available for rent for at least six months of the year, will be taxed annually— at least $5,000 per year.
From July 1st, 2017 the 10% rule is removed. All taxpayers can contribute to their superannuation fund and claim a tax deducon regardless of their income source (previously if you earned more than 10% of your income from salary and wages, you could not claim any of your personal superannuation contributions).
The non-concessional contribuons cap to superannuaon has been reduced to $100,000 per year from July 1st, 2017 (or $300,000 with the 3 year bring forward rule).
The introducon of a Transfer Balance Cap in super of $1.6 million per member from July 1st, 2017. Earnings on the excess of the cap is taxed in the fund, where the fund is in pension phase. Further, members with a TRIS (Transion to Rerement Income Stream) , the tax exempon on this type of pension has been abolished.