Category: Small Business

Key Dates for January & February 2019

Many lodgement and payment deadlines are looming for business including those relating to Activity Statements, Superannuation, and more…..

January 2019
15 January – Due date for lodgement of income tax returns for companies and trust that were taxable medium to large businesses in the prior year and are not required to lodge earlier. If you fail to lodge by the due date, your 2018/2019 income tax return will be due on 31 October 2019
21 January – Due date for lodgement and payment of December 2018 monthly Activity Statements
28 January – Due date for October-December 2018 Superannuation Guarantee contributions to be made to a complying fund on behalf of your employees
31 January – Final date for lodgement of October-December 2018 TFN report for closely held trust for TFNs quoted to a trustee by beneficiaries

February 2019
21 February – Due date for lodgement and payment of January monthly Activity Statements
28 February – Due date for lodgement and payment of October-December 2018 quarterly Activity Statements, including electronic lodgments
28 February – Due date for lodgement and payment of Annual GST returns or Annual GST information reports – if you do not have an income tax return lodgment obligation
28 February – Due date for lodgement and payment of income tax return for selp-preparing entities that were not due at an earlier date. If you fail to lodge by this date, your 2018/2019 return will be due by 31 October 2019
28 February – Due date for lodgement and payment of income tax returns for medium to large businesses (taxable and non-taxable that are new registrants)
28 February – Due date for lodgement and payment Superannuation Guarantee Charge Statement if you failed to pay Superannuation Guarantee charge on time for the October-December 2018 quarter. Superannuation Guarantee Charge is not deductible.

Where one of these dates falls on a weekend or a public holiday, the due date is extended to the next business day except in the case of Superannuation Guarantee contributions.

STP Rollout Now Law!

The Senate has now passed legislation to extend Single Touch Payroll (STP) to employers with 19 or less employees from 1 July 2019.

These businesses can also of course opt in early to STP.

The passage of legislation follows months of uncertainty for small business after STP was officially rolled out for employers with 20 or more employees from 1 July 2018.

The ATO still intends to allow micro-businesses (less than 5 employees) to adopt low-cost, alternative STP solutions.

 

 

INSTANT ASSET WRITE-OFF EXTENDED

The extension of the $20,000 instant asset Write-Off has now been passsed into law. 

PASSED
In the May 2018 Federal Budget the Government announced an extension to the Small Business Instant Asset Write-Off that was originally introduced from 1 July 2015. Under the Budget announcement, the Write -Off was to be extended until 30 June 2019 (it was to expire 30 June 2018). On 12 September 2018, The Treasury Laws Amendment (Accelerated Depreciation for Small Business Entities) Bill 2018 was passed by the Parliament into law to give effect to this 12-month extension.


More info? In our exclusive Members Area, watch the Webinar on Instant Asset Write-off (under the useful links tab) and read the full article in your November/December 2018 Bi-Monthly Newsletter, page 15.

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Immediate Deduction for SBE Start-up Expenses

IMMEDIATE DEDUCTION FOR SBE START-UP EXPENSES

This allows taxpayers who are not in business or are a Small Business Entity (SBE) (turnover of less that $10 million) to immediately deduct certain expenses relating to the proposed structure or operation of a business. The expenses must relate to a business that is proposed to be carried on, including certain Government fees and charges and costs associated with raising capital, where these expenses would otherwise be deductible over five years. Eligible expenses generally fall into two categories:

  • Expenditure on advice or services relating to the structure or operation of the proposed business.
  • Payments to Australian Government agencies.

Allowing SBE’s to deduct their start-up expenditure in the year it is incurred provides them with a cash-flow benefit. The deductions are brought forward rather than spread out over a number of years. Cash-flow is one of the main killers of start-up businesses.

TAX TIP
Given that the threshold increase is backdated to 1 July 2016, if your business incurred these expenses but failed to claim them in full in the 2016/2017 tax return, you may wish to amend that return.

Subscribers – for the full article on all SBE Opportunities please log-in to your Members Area, July/August Newsletter, page 17.
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