Publications

Are you thinking about buying assets?

Are you thinking about buying assets to help your small business grow? Now is the time to buy! If you use the simplified depreciation rules you use the $20,000 write-off threshold.

Simplified depreciation rules can get a bit tricky, so here's how to get it right and make sure you claim everything you're entitled to.

  1. If you buy assets that cost less than $20,000 claim each of them in full as a deduction in your tax return at the end of the year.
  2. For assets that cost $20,000 or more group them into what is called a small business pool.  
    • In your tax returns claim 15% of the pool in the first year then 30% of the pool each year after that, as a depreciation deduction.
  3. If the balance of your small business pool falls under $20,000 (before you deduct the 15% or 30%) claim this amount in full as a deduction in your tax return at the end of the year.

We have updated our information on simplified depreciation to make it easier for you to understand and know what assets are eligible; see the link below to continue reading.

Find out more:

Streamlined reporting with Single Touch Payroll

Single Touch Payroll is a reporting change for employers.

It means employers will report payments such as salaries and wages, pay as you go (PAYG) withholding and super information to us directly from their payroll solution at the same time they pay their employees.

Employers may need to update their payroll solution to report through Single Touch Payroll.

For employers with 20 or more employees, Single Touch Payroll reporting starts from 1 July 2018.

The Australian Government has announced it will expand Single Touch Payroll to include employers with 19 or less employees from 1 July 2019. This will be subject to legislation being passed in parliament.

SuperStream for small business

    • SuperStream requires employers to send all super payments and employee information electronically in a standard format. Using it will be mandatory from 1 July 2016.

    Did you know that SuperStream is a new way of making and receiving employer (SG) Superannuation Guarantee contributions?  SuperStreamis compulsory for ALL employers making SG contributions on behalf of their employees. 

    For all smaller employers (those with less than 20 employees) must be SuperStream compliant by 1 July 2016. 

    To be SuperStream complaint all you have to do is make sure you are doing the following: 

    ·         Using an accounting/payroll software – links directly to the SuperStream system

    ·         Using a commercial superannuation clearing house or the ATO’s Small Business (CH) Clearing House (FREE) https://sbsch.gov.au/poext/super/public/registration/employerRegistration.jsf

    ·         Using your Superannuation default fund for new employees (which may also have its own CH facilities).

Company tax cuts for small business

The small business company tax rate reduced from 30% to 28.5% for income years commencing on or after 1 July 2015. This lower rate also applies to small businesses that are corporate unit trusts and public trading trusts.

The company tax rate remains at 30% for all other companies that are not small business entities.

Net medical expenses tax offset phase-out

Due Dates

February 2018

  • 21 February

    Lodge and pay December 2017 monthly business activity statement for small business clients (up to $10 million turnover) who report GST monthly and lodge electronically.

    Lodge and pay January 2018 monthly activity statement.

    28 February

    Lodge tax return for non-taxable large/medium entities as per the latest year lodged (except individuals).

    Payment (if required) for companies and super funds is also due on this date. Payment for trusts in this category is due as per their notice of assessment.

    Lodge tax returns for new registrant (taxable and non-taxable) large/medium entities (except individuals).

    Payment (if required) for companies and super funds is also due on this date. Payment for trusts in this category is due as per their notice of assessment.

    Lodge tax return for non-taxable head company of a consolidated group, including a new registrant, that has a member who has been deemed a large/medium entity in the latest year lodged.

    Lodge tax return for any member of a consolidated group who exits the consolidated group for any period during the year of income.

    Lodge tax return for large/medium new registrant (non-taxable) head company of a consolidated group.

    Lodge and pay Self-managed superannuation fund annual return (NAT 71226) for new registrant (taxable and non-taxable) SMSF, unless they have been advised of a 31 October 2017 due date at finalisation of a review of the SMSF at registration.

    Note: There are special arrangements for newly registered SMSFs that do not have to lodge a return – see Super lodgment.

    Lodge and pay quarter 2, 2017–18 activity statement for all lodgment methods.

    Pay quarter 2, 2017–18 instalment notice (form R, S or T). Lodge the notice only if you vary the instalment amount.

    Annual GST return – lodge (and pay if applicable) if the taxpayer does not have a tax return lodgment obligation.

    If the taxpayer does have a tax return obligation, this return must be lodged by the due date of the tax return.

    Lodge and pay quarter 2, 2017–18 Superannuation guarantee charge (SGC) statement – quarterly if the employer did not pay enough contributions on time.

    Employers lodging a Superannuation guarantee charge statement – quarterly can choose to offset contributions they paid late to a fund against their super guarantee charge for the quarter. They still have to pay the remaining super guarantee charge.

    Note: The super guarantee charge is not tax deductible.

    Use our Super guarantee charge statement and calculator tool to work out the super guarantee charge and help prepare the Superannuation guarantee charge statement – quarterly.

March 2018

  • 21 March

    Lodge and pay February 2018 monthly activity statement.

    31 March

    Lodge tax return for companies and super funds with total income in excess of $2 million in the latest year lodged (excluding large/medium taxpayers), unless due earlier.

    Payment for companies and super funds in this category is also due by this date.

    Lodge tax return for the head company of a consolidated group without a member who has been deemed a large/medium entity in the latest year lodged, but with a member who had total income in excess of $2 million in their latest year lodged, unless due earlier.

    Payment for companies in this category is also due by this date.

    Lodge tax return for individuals and trusts whose latest return resulted in a tax liability of $20,000 or more, excluding large/medium trusts.

    Payment for individuals and trusts in this category is due as advised on their notice of assessment.

April 2018

  • 21 April

    Lodge and pay quarter 3, 2017–18 PAYG instalment activity statement for head companies of consolidated groups.

    Lodge and pay March 2018 monthly activity statement

    28 April

    Lodge and pay quarter 3, 2017–18 activity statement if lodging by paper.

    Pay quarter 3, 2017–18 instalment notice (form R, S or T). Lodge the notice only if you are varying the instalment amount.

    Make super guarantee contributions for quarter 3, 2017–18 to the funds by this date.

    Employers who do not pay minimum super contributions for quarter 3 by this date must pay the super guarantee charge and lodge a Superannuation guarantee charge statement – quarterly (NAT 9599) by 28 May 2018.

    Note: The super guarantee charge is not tax deductible.

    30 April

    Lodge TFN report for closely held trusts if any beneficiaries quoted their TFNs to trustees in quarter 3, 2017–18.

    Lodge lost members report for the period 1 July 2017 to 31 December 2017.

May 2018

  • 15 May

    Lodge 2017 tax returns for all entities that did not have to lodge earlier (including all remaining consolidated groups), and are not eligible for the 5 June 2018 concession.

    Due date for:

    • companies and super funds to pay if required.

    Note: Individuals and trusts in this category pay as advised on their notice of assessment.

    21 May

    Lodge and pay April 2018 monthly activity statement.

    Final date to add new FBT clients to your client list to ensure they receive the lodgment and payment concessions for their fringe benefits tax returns.

    Lodge Fringe benefits tax annual return (if lodging by paper).

    26 May

    Lodge and pay eligible quarter 3, 2017–18 activity statements if you lodge electronically.

     

    28 May

    Pay Fringe benefits tax annual return.

    Lodge and pay quarter 3, 2017–18 Superannuation guarantee charge statement – quarterly (NAT 9599) if the employer did not pay enough contributions on time.

    Employers lodging a Superannuation guarantee charge statement – quarterly (NAT 9599) can choose to offset contributions they paid late to a fund against their super guarantee charge for the quarter. They still have to pay the remaining super guarantee charge.

    Note: The super guarantee charge is not tax deductible.

    Use our Super guarantee charge statement and calculator tool to work out the super guarantee charge and to help prepare the Superannuation guarantee charge statement – quarterly.

June 2018

  • 5 June

    Lodge tax return for all entities with a lodgment due date of 15 May 2018 if the tax return is not required earlier and both of the following criteria are met:

    • non-taxable or a credit assessment in latest year lodged
    • non–taxable or receiving a credit assessment in the current year.

    Note: This includes companies and super funds, but excludes large/medium taxpayers and head companies of consolidated groups.

    Lodge tax returns due for individuals and trusts with a lodgment due date of 15 May 2018 provided they also pay any liability due by this date.

    Note: This is not a lodgment due date but a concessional arrangement where failure to lodge on time (FTL) penalties will not apply if you lodge and pay by this date.

    21 June

    Lodge and pay May 2018 monthly activity statement.

    25 June

    Lodge 2018 Fringe benefits tax annual return for tax agents (if lodging electronically). Payment (if required) is due 28 May.

    30 June

    Super guarantee contributions must be paid by this date to qualify for a tax deduction in the 2017–18 financial year.

Call us today at C&C Accountants for friendly and professional service for all your accounting needs.