Category: General

Key Dates for July & August

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

JULY 2018 
  • 01 July First day of the 2018 /2019 Financial Year 
  • 14 July 2017/2018 Payment Summaries – due date to issue to employees 
  • 21 July Monthly Activity Statements (June 2018) due for lodgement and payment 
  • 28 July Quarterly Activity Statements (April-June) due for lodgement and payment (if lodging by paper) 
  • 28 July Superannuation Guarantee Contributions (April-June) due for payment to superannuation funds or Clearing Houses 

AUGUST 2018 
  • 11 August Quarterly Activity Statements (April-June) due for lodgement and payment (if lodging electronically) 
  • 14 August PAYG Withholding Payment Summary Annual Reports – due for lodgement 
  • 21 August Monthly Activity Statements (July 2018) due for lodgement and payment 
  • 21 August Final day for eligible monthly GST reporters to elect to report annually 
  • 28 August 2017/2018 Contractor Taxable Payments Annual Report – due for lodgement 

Where one of these dates falls on a weekend or a public holiday, the due date is extended to the next business day 

Key Dates for Business Mar-Apr 2018

March 2018

21 March
February monthly Activity Statements – due for lodgement and payment.

April 2018

21 April
March monthly Activity Statements  – due for lodgement and payment.
21 April
Quarter 3 (January-March) PAYG instalment Activity Statments for head companies of consolidated groups – due for lodgement and payment.
28 April
Quarter 3 (January-March) Activity Statements – due for lodgement and payment (if lodging by paper).
28 April
Quarter 3 (January-March) PAYG instalment notices (forms R and T) – final date for payment and, if varying the instalment amound, lodgment.
28 April
Quarter 3 (January-March) GST instalment notices (forms S and T) – final date for payment and, if varying the instalment amount, lodgement.
28 April
Quarter 3 (January-March) superannuation guarantee contributions to be made to a complying fund on behalf of your employees.
30 April
Quarter 3 (January-March) TFN Report for closely held trust for TFNs quoted to a trustee by beneficiaries – fiinal date for lodgement.


Where one of these dates falls on a weekend or a public holiday, the due date is extended to the next business day.

Key Dates for Business Jan-Feb 2018

January 2018

15 January 
Due date for lodgement of income tax returns for companies and trusts that were taxable medium to large businesses in the prior year and are not required to lodge ealier. If you fail to lodge by the due date, your 2017/2018 income tax return will be due on 31 October 2018.
21 January
Due date for lodgement and payment of December 2017 monthly Activity Statements.
28 January
Due date for October-December 2017 Superannuation Guarantee contributions to be made to a complying fund on behalf of your employees.
31 January
Final date for lodgement of october-December 2017 TFN report for closely held trusts for TFNs quoted to a trustee by beneficiaries.

February 2018

21 February
Due date for lodgement and payment of January monthly Activity Statements.
28 February
Due date for lodgement and payment of October-December 2017 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 self-preparing entities that were not due at an earlier date. If you fail to lodge by this date, your 2017/2018 reutrn will be due by 31 October 2018.
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 2017 quarter. Superannuation Guarantee Charge is not deductible.

Where one of these dates falls on a weekend or public holiday, the due date is esxtended to the next business day except in the case of October-December 2017 Super Guarantee contributions – these are due on Sunday 28 January 2018.

Key Dates for Business Nov-Dec 2017

Many key dates are looming for business including those relating to Activity Statements, superannuation, and more

November 2017

11 November July-September quarterly Activity Statements – due for lodgement and payment (if lodging electronically)
21 November October monthly Activity Statements – due for lodgement and payment
28 November Superannuation Guarantee Charge (SGC) Statement – due for lodgement and payment if insufficient contributions or late contrifutions were made for the July-September quarter

December 2017

01 December Due date for income tax payment for companies that were required to lodge by 31 October 2017
21 December November monthly Activity Statements – due for lodgement and payment

Trust Resolutions That Don’t Make The Grade

A recent decision by the Full Court of the Federal Court has shone a spotlight on year end Trust Resolutions that should be a reminder to all Trustees of the importance of taking the time to prepare a valid resolution to distribute the annual income of a trust.

The decision in Lewski Vs Commissioner of Taxation (2017) FCAFC 145 whilst a “win” for the taxpayer has been deemed a “lucky” outcome by many commentators.

In Brief:

The Commissioner of Taxation sought to amend the income of 2 trusts by disallowing carry forward losses of approximately $10 Million and $3 Million respectively. In disallowing these losses, it meant the commissioner then assessed Ms Lewski to this additional income as the presently entitled beneficiary of each trust.

Ms Lewski sought to have the Commissioner’s determination set aside and either reduce or deflect any tax liability to either the trustee of the trust or to alternate beneficiaries under a variation clause in the original trust resolution. In either case, there would have been less tax payable than had Ms Lewski been the beneficiary of that amended income.

The Outcome:

The ultimate outcome determined by the court hinged on the resolution documents prepared by the trustee in each of the relevant income years.  In each resolution, there was a “variation of income” clause that indicated that should the Tax Commissioner disallow any amount as a deduction or include an amount as assessable income of the trust, there would be a deemed distribution to a default beneficiary.

This variation clause effectively made the trust resolutions contingent upon an event that may occur after the end of an income year. The court ultimately found that because the income distribution was subject to a contingency after the end of an applicable income year, this defeated the present entitlement of Ms Lewski to the income of the trust and as a result she was not assessed to that income.

Takeaway:  Avoid variation clauses in trust resolutions.

Whilst the taxpayer had a favourable outcome in this case as a result of the invalidity of the trust resolution, normally, this can result in significant problems for a taxpayer as the trustee would be assessed to that income at the highest marginal tax rate.

KEY DATES FOR BUSINESS – March/April 2017

March and April 2017
Many lodgement and payment deadlines are looming for business including those relating to Activity Statements, superannuation, and more…..

MARCH 2017

21 MARCH – February monthly Activity Statements – due for lodgement and payment
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.
31 MARCH – Lodge tax return for individuals and trusts whose latest return resulted in a tax liability of $20,000 or more, excluding large/medium trust. Payment for individuals and trusts in this category is due as advised on their notice of assessment.

APRIL 2017

21 APRIL – March monthly Activity Statements – due for lodgement and payment.
21 APRIL – Quarter 3 (January-March) PAYG instalment Activity Statements for head companies of consolidated groups – due for lodgement and payment.
28 APRIL – Lodge and pay quarterly Activity Statement for quarter 3, 2016-17 – paper lodgements.
28 APRIL – Pay quarterly instalment notice (form R,S or T) for quarter 3, 2016-17. You only need to lodge if you are varying the instalment amount.
28 APRIL – Quarter 3 (January-March) Superannuation Guarantee contributions to be made to a complying fund on behalf of your workers.
30 APRIL – Final date for lodgement of January-March 2017 TFN report for closely held trusts for TFNs quoted to a trustee by beneficiaries.
30 APRIL – Lodge lost members report for the period 1 July 2016 to 31 December 2016.

*Where one of these dates falls on a weekend or a public holiday, the due date is extended to the next business day.