Happy New (financial) Year!
Don't miss these BUSINESS YEAR END DATES
June 2018 quarter
The June 2018 Quarter BAS is due to be lodged and paid to the tax office on or before July 28th, 2018 or August 25th, 2018 if lodged through our office.
Pay April-June 2018 quarter employee super before June 30th to enable the tax deduction in the 2017 financial year. The final legislave deadline for the June 2018 Quarters Super is July 28th, 2018.
2018 PAYG Payment Summaries to be issued
If you have employees (other than yourselves & family), you are required to issue 2018 PAYG Payment Summaries (Group Certificates) to your employees on or before July 14th, 2018.
The annual reconciliation is required to be lodged with the Australian Taxation Office by August 14th, 2018 (unless you lodge via our office the annual reconciliation is due September 30th, 2018).
2018 Taxable Payments Annual Report - Building & Construction Industry
All Business in the Building & Construction Industry must lodge their Taxable Payment Annual Report (TPAR) to the ATO by August 28th, 2018. This reports all payments made to contractors during the 2018 financial year.
2018 Other Employer Reporting
The Declaration of Rateable Remuneration can be now be prepared and lodged with your WorkCover Insurer together with any revision of remuneration for the 2018/19 financial year. Where your total remuneration to staff exceeds $625,000 (VIC) you must lodge your Annual Payroll Tax Return with the State Revenue Office by July 21st, 2018.
Year End Processing 2018
Now that June 30th has arrived, we can now prepare your year end income tax returns. Check out our checklists ensure you have everything we need to complete your return/s.
CHANGES TO THE SYSTEM
Taxable Payments Annual Reporting (TPAR) System (currently specific to the Building & Construc-tion Industry) which reports payments to Subcontractors, will extend to the Courier and Cleaning Industries. The first Report will be for the 2019 Financial Year. The 2020 Year will extend to Securi-ty, Road Freight and Computer System Design industries.
Property selling for more than $750,000, a Certificate of Residency must be obtained from the Ven-dor otherwise 12.5% tax must be withheld from the purchase price and paid to the tax office by the Purchaser.
If you, a business owner, pay wages to employees without withholding tax or pay subcontractors who do not provide an ABN and you have not withheld tax—your business is denied the tax deduc-tion for these particular wage and subcontractor payment amounts. This applies from the 2020 Financial Year.
Single Touch Payroll (STP) for employers of over 20 staff must have compliant payroll software which report real-time information—wages, tax and super to the tax office. All employers will be required to use STP from the 2020 Financial Year. Your Payroll Software provider will have every-thing set for you when it is time. The use of STP will negate the requirement to issue PAYG Payment Summaries. The implementation of STP supports employees, particularly those Salary Sacrificing to superannuation and their employer doesn’t report or pay this. This system is also a mechanism to ensure super is calculated correctly, together with tax on wages.
Bitcoin is becoming extremely popular for high risk investors. Bitcoin (or any cryptocurrency) is treated as an investment—not stock (unless you are in the full time business of trading Bitcoin) and is not a foreign currency. As an investment, Capital Gains concessions may be available, however an interest deduction is denied if you borrowed money to buy the Bitcoin (it will form part of the origi-nal cost of the Bitcoin in the CGT Event).
Please Note: The advice given is general in nature and anyone intending to apply the information to practical circumstances should seek professional advise to independently verify their interpretation and the information's applicability to their particular circumstances.